Summary
Both major political parties in South Korea are pledging pro-Bitcoin policies ahead of the 2024 legislative election. The ruling People Power Party is considering eliminating capital gains taxes on Bitcoin and creating a Bitcoin Spot ETF, while the opposition Democratic Party plans to allow individual investors access to Bitcoin ETFs. Both parties are targeting the youth vote, as Bitcoin is popular among young Koreans. The country’s stable economy and tech sector make it a potentially strong Bitcoin hub. The future looks promising for Bitcoin adoption in South Korea, regardless of the election outcome.
Key Points
1. Both major political parties in South Korea have pledged to make pro-Bitcoin policies, including approving a Bitcoin ETF, in the lead-up to the 2024 legislative election.
2. The Democratic Party (DPK) and People Power Party (PPP) have made concrete pledges to support Bitcoin, with the DPK specifically focusing on allowing individual investors access to Bitcoin ETFs.
3. South Korea’s stable economy, high level of internet connectivity, and enthusiastic youth support for Bitcoin make it a promising hub for Bitcoin development and adoption, regardless of which party comes out on top in the election.