Following the ruling party in South Korea, the Democratic Party of Korea is also pushing for the approval of a Bitcoin spot ETF as part of their election promises.

According to BlockBeats news on February 20th, the South Korean Democratic Party is pushing for the approval of Bitcoin spot exchange-traded funds (ETFs) as part of its April 10th election promise. Last month, the country's financial regulatory agency reiterated its ban on financial institutions launching any type of cryptocurrency ETF. According to the Democratic Party's Policy Coordination Committee on the 20th, the party will announce its plan for "virtual asset institutionalization and investment revitalization" on the 21st. To this end, the Democratic Party plans to allow domestic financial investment companies to trade overseas Bitcoin spot ETFs by amending the Capital Markets Act after consultation with the Financial Services Commission. In addition, the Democratic Party plans to allow investment in Bitcoin spot ETFs through individual asset management accounts (ISAs). He explained that "investment profits obtained through ISAs can be tax-exempt up to KRW 2 million, so people can reduce their tax burden while investing." Yesterday, the ruling party, the People's Power Party of South Korea, considered allowing Bitcoin spot ETFs in its election promise.