The country has recently offered a perk to voters ahead of the country's upcoming parliamentary elections. Leading local political parties in the country currently offer these benefits, with top local leaders promising crypto-related incentives to voters ahead of the country's upcoming parliamentary elections. Mainly the leaders chose this strategy to secure the support of voters.
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[source](https://pixabay.com/photos/cryptocurrency-business-finance-3085139/)
Even the country's opposition Democratic Party is not far behind in this regard. They also offered special benefits to voters in the run-up to Aslo's parliamentary elections to retain support, and for what they said was the removal of restrictions on domestic and international exchange-traded funds (ETFs) holding direct crypto tokens, including US-based spot bitcoin. will be done The Spot Bitcoin ETF was approved earlier this year and has been a hotly debated topic. After it was approved, South Korea's securities regulator warned that local distribution of these ETFs could violate domestic laws.
However, the country's top opposition leader has announced that they will allow ETFs. Be it domestic or foreign. The country's president has also promised to delay taxes on digital asset gains, hoping to capitalize on crypto voters. And he also said that all these facilities will be operational in 2025.
An important point here is that South Korea has many citizens included with the digital currency and this number is around 6 million. Citizens of this country have traded crypto through registered exchanges since 2023. The number of citizens currently transacting crypto through registered exchanges in the country represents 10% of the country's population. A total of 7% of election candidates own cryptocurrencies.
Although various politicians in the country are making such promises in the run-up to the upcoming parliamentary elections, despite such promises, the country's Security and Exchange Commission is gearing up for stricter regulations on crypto assets. The country's local financial authorities are even planning to release new rules for listing tokens on centralized exchanges next week. An important point is that the country's upcoming Virtual Asset User Protection Act prohibits the use of "undisclosed material information" about crypto, market manipulation and illegal trading. Local regulatory authorities have said that such legislation, which is being drafted, will come into effect from next July. It even states that those who violate such laws can be punished with imprisonment of not more than one year or fine of three to five.
