The People Power Party, which currently governs South Korea, is studying ways to incorporate spot Bitcoin exchange-traded funds (ETFs) into its campaign promises for the upcoming general election in April.
In addition to spot Bitcoin ETFs, the conservative party has stated that it will review regulatory measures to approve other crypto-related investment products that have been approved in the US, South Korean news agency News1 reports.
However, the country's financial regulator recently reaffirmed its ban on financial institutions offering any crypto ETFs.
The ruling party is also mulling lifting the ban on institutional investment in cryptocurrencies and initial exchange offerings (IOEs) gradually. As for institutional investment in cryptocurrencies, the party is considering allowing investment firms to buy cryptocurrencies before allowing banks or insurance companies to do so.
This approach takes into account the need for banks and insurance companies to prioritize the protection of users' funds.