The South Korean People Power Party has unveiled groundbreaking proposals to revolutionize the virtual asset landscape in the country. As part of its presidential election agenda, the party plans to eliminate the restrictive ‘one exchange, one bank’ policy and introduce a series of progressive measures to transform the virtual asset market.
- Proposed Reforms for Virtual Asset Policies
- 1. Elimination of Exchange-Bank Restrictions
- 2. Legalization for Corporations and Institutional Investors
- 3. Introduction of a Virtual Asset Spot ETF
- 4. Advancement of Security Token Legislation (STO)
- 5. Regulatory Framework for Stablecoins
- 6. Drafting of a Basic Law for Digital Asset Promotion
- 7. Development of an Innovative Virtual Asset Tax System
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Proposed Reforms for Virtual Asset Policies
The party’s ambitious virtual asset policy includes several key reforms:
1. Elimination of Exchange-Bank Restrictions
The plan involves removing the current limitation that restricts exchanges to partnering with only one bank. This move aims to enhance flexibility and foster greater competition in the virtual asset sector.
2. Legalization for Corporations and Institutional Investors
Under the proposed policy changes, virtual asset trading would be legalized for corporations and institutional investors, expanding the accessibility of digital assets to a wider range of entities.
3. Introduction of a Virtual Asset Spot ETF
The party aims to introduce a Virtual Asset Spot Exchange-Traded Fund (ETF), providing investors with a new avenue to participate in the virtual asset market through regulated and transparent means.
4. Advancement of Security Token Legislation (STO)
Efforts will be made to advance legislation for Security Tokens Offerings (STOs), which are seen as a key area for growth and innovation within the digital asset space.
5. Regulatory Framework for Stablecoins
The proposal includes establishing a regulatory framework for stablecoins, addressing the growing importance of these digital assets in the global financial landscape.
6. Drafting of a Basic Law for Digital Asset Promotion
To support the growth of the digital asset industry, the party plans to draft a Basic Law for Digital Asset Promotion, providing a solid legal foundation for the sector’s development.
7. Development of an Innovative Virtual Asset Tax System
An innovative tax system tailored to the virtual asset industry will be created to ensure fair and effective taxation practices within the market.
These comprehensive initiatives are designed to overhaul South Korea’s virtual asset regulatory framework, fostering a conducive environment for the healthy growth and development of the digital asset industry.
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