South Korea’s People Power Party vowed to scrap the “one exchange, one bank” policy and approve Bitcoin spot ETFs in 2025 if it wins the June 3 election. The party’s crypto agenda included stablecoin regulation and a new crypto oversight committee–the VASC.
Yoon Suk Yeol’s People Power Party vowed to approve spot crypto ETFs, dismantle a major banking restriction, and overhaul digital asset laws before the end of 2025. The People Power Party also plans to establish measures to supplement the ecosystem, such as subdividing the scope of work of existing exchanges, establishing listing regulations, and introducing a disclosure system. The party decided to establish a taxation system for crypto transactions.
Rep. Park Soo-min, an economic consultant in the PPP, said Bitcoin spot ETFs had attracted notable investment funds since the U.S. Securities and Exchange Commission (SEC) approval, recording a trading volume of 4.6 billion dollars (about 6.5 trillion won) on the first day of trading on the New York Stock Exchange.
He emphasized the necessity of establishing spot crypto ETFs in South Korea, citing Hong Kong and the UK, which had already done it.
Yoon’s PPP makes big crypto promises during campaigns
The People Power Party announced the launch of spot crypto ETFs within the year as one of the seven crypto-related pledges ahead of the June 3 presidential election. The ruling party also promised to abolish the “one exchange, one bank” principle immediately and complete the institutionalization of corporate and institutional investor transactions within the year.
Rep. Park pointed out that the “one exchange, one bank” principle was too restrictive and did not allow investors to trade crypto through their preferred banks. He, however, noted that it had played a role in preventing financial crimes such as money laundering and detecting abnormal transactions.
The PPP also pledged to introduce legislation for token securities (STOs) and stablecoins to enact the Framework Act on the Promotion of Digital Assets. Yoon’s party further promised to establish a taxation system and any related institutions.
“Under the goal of becoming the ‘G2’ of the global digital asset market, the People Power Party promises seven key tasks to foster the ecosystem of the Korean digital asset market industry.”
–Rep. Park Soo-min, Economist
Rep. Park Soo-min of the PPP said the global competition for leadership in the crypto market, including in the U.S., Europe, and Singapore, had intensified since the inauguration of Trump’s administration.
Rep. Park outlines more crypto-related pledges made by the PPP
Rep. Park disclosed that the People Power Party has plans to complete institutionalization within the year so that 3.5K corporations and institutions (2.5K listed corporations and 1K professional investment corporations) can participate in the market.
He also mentioned that the PPP has decided to promote non-profit corporation trading starting in the second quarter of this year, which was discussed at a closed-door Democratic Party government meeting last month.
Rep. Choi Bo-yoon also said the PPP will support the establishment of a legal definition and clear regulation system for stablecoins. He added that issuer requirements will be clarified, and the standards and operating regulations for reserve assets will be established–i.e., to include collateral that must be held to stabilize the value of stablecoins.
Rep. Choi stressed that while the PPP was committed to enacting the “Basic Act on the Promotion of Digital Assets,” he is going to promote the establishment of a Virtual Asset Special Committee directly under the People Power Party presidential candidate, who would be elected this time.
He added that through this committee, he will take the lead in promoting the institutionalization of virtual assets, the creation of a foundation for industrial innovation, and restoring investor trust.
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