South Korea’s ruling party backtracks on spot Bitcoin ETF election promise

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The People Power Party, led by Rep. Yoon Chang-hyun, intended to announce a virtual asset pledge last week but has postponed it indefinitely.

South Korea’s ruling People Power Party has indefinitely delayed its proposal to ease cryptocurrency restrictions, including lifting the ban on local spot Bitcoin (BTC) exchange-traded funds (ETFs), as per local sources.

According to a report by local media, Chosun Biz, the party’s reversal of pledges could be linked to challenges in aligning with the government and financial authorities on cryptocurrency policies.

Earlier this month, there were reports that the governing party was crafting election promises to delay taxing crypto profits and permit domestic institutions to introduce spot Bitcoin ETFs and invest directly in cryptocurrencies.

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