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Kim Sang-hoon, chairman of the political committee of South Korea's ruling People's Power Party, called on the country's regulators to promptly approve the launch of Bitcoin-linked spot exchange-traded funds (ETFs). Given the positive sentiment among traders and large companies regarding Bitcoin ETFs, the party believes there are no justified reasons for authorities to prohibit access to these investment products for Korean investors.
Ready for Legislative Changes
Kim Sang-hoon expressed readiness to amend the legislation if regulators are too slow. He emphasized that spot Bitcoin ETFs will provide investors with access to the crypto market through regulated securities, providing a safer and more transparent investment structure than directly purchasing cryptocurrency. Sang-hoon is confident that the introduction of Bitcoin ETFs could significantly strengthen South Korea's financial market.
Internationalization of the Korean Won
The Party Committee also announced that opening legal channels for foreign capital will facilitate the internationalization of assets denominated in the Korean won. This means that South Korea's national currency can be used internationally: foreign companies and investors will be able to use the won not only for settlements with Korean counterparties but also for accumulating their foreign exchange reserves or issuing bonds.
Reducing Dependence on the Dollar and Euro
Politicians from the ruling party hope that this strategy will allow the country to reduce the global economy's dependence on the dollar and euro, enhancing the won's status internationally. Kim Sang-hoon noted that the development of the crypto industry will help South Korean financiers more effectively integrate into the global economy.
Stablecoin Regulation
In October, South Korea's Financial Services Commission (FSC) Chairman Lee Eog-weon announced the completion of legislative amendments regarding stablecoin regulation. The new law aims to differentiate between payment stablecoins and bank deposits, while also proposing a ban on interest payments on stablecoins, further underscoring the desire for stricter oversight in this area.
