South Korea's ruling People's Party has proposed urgent reform of the crypto market, including the legalization of spot ETFs and the abolition of the "one exchange, one bank" model, which restricts competition and user choice.
Key initiatives:
Approval of spot ETFs for cryptocurrencies (similar to the United States)
Abolition of monopolies: exchanges will be able to work with several banks at the same time
Attracting 3500+ companies and funds to trade digital assets
Creation of the Presidential Committee on Virtual Assets
Adoption of a framework law on digital assets: listing, disclosure, standards
All this will become a reality if the party wins the June 3 elections.
By the end of 2025, the authorities plan to implement the first steps towards legalization.
Experts believe:
The reform will open access to institutions, reduce risks, and make South Korea one of the leaders in crypto regulation in Asia.
