South Korea's People Power Party (PPP) introduced crypto policy proposals on Monday at the National Assembly, aiming to reshape the country's digital asset market ahead of the June 3 presidential election. The PPP outlined seven initiatives, including lifting restrictions on banks working with crypto exchanges and introducing legal frameworks for tokenized assets and spot exchange-traded funds (ETFs).
The proposals seek to lift the "one exchange, one bank" rule, which limits crypto exchanges to partnering with only one bank for real-name verified accounts. The PPP also pledged to legalize the trading of spot crypto ETFs within South Korea before the end of the year, noting the success of Bitcoin ETFs in the US.
The policy roadmap includes creating a legal framework for security token offerings (STOs) and establishing guidelines for stablecoins. The PPP plans to launch a crypto policy committee to encourage innovation and restore investor confidence. The outcome of the June election and the implementation of these policies could significantly impact South Korea's position in the global digital asset market.