If you’ve ever dreamed of seeing a government throw spaghetti at the blockchain wall to see what sticks—welcome to South Korea’s latest episode of “Who Wants to Regulate Cryptocurrency?” 🎭 Imagine this: The people in charge, the People Power Party (which sounds less like a political faction and more like a family-friendly board game) have dramatically revealed their vision to catapult the country into a crypto-powered promised land, all while the aroma of impending elections lingers stronger than convenience store kimchi on a summer afternoon.
Still basking in the strange afterglow of President Yoon’s creative dabble with martial law (call it “political DIY gone wild”), the PPP insisted it was time to make digital assets less mysterious and more—well, legislative. Their grand gesture? Spot Bitcoin ETFs. Yes, the very same shiny objects that American regulators rather begrudgingly gave a lukewarm nod to, which means everyone in Seoul must now do it too. 🇺🇸📈
The PPP says the plan is “overdue”—which is code for “no one wanted to do this during the last administration, so now it’s our mess to clean up.” Their recipe for progress: no more single-bank handcuffs for crypto exchanges, a smattering of deregulatory pixie dust, and a robust debate on whether this serves the free market or just rearranges the deck chairs for the same big players. Spoiler: The critics aren’t thrilled. 🪑💸
On top of all this, there’s a self-proclaimed “global standard framework” for stablecoins in the mix, plus the Framework Act on the Promotion of Digital Assets (which sounds, frankly, like something you’d get suckered into agreeing to on the world’s most boring cruise). Highlights: real rules for exchanges, actual listing requirements, and a magical cloak of transparency—a term politicians adore because it looks good in headlines and means pretty much nothing at all.
PPP’s plan also involves fast-tracking legal crypto trading to roughly 3,500 non-profits, corporations, and investment firms. That’s right: grandma’s favorite charity might soon be moonlighting as a Bitcoin whale. 🐋 The entire project will be overseen by the Virtual Asset Special Committee—because everything’s more credible with a capitalized, committee sounding name.
Naturally, the party’s visionaries are drawing inspiration from Donald Trump’s regulatory philosophy (never thought I’d see that sentence outside satire)—and presidential hopeful Hong Joon-pyo, whose campaign includes promises to “restore democracy” and “lead the blockchain revolution,” though details are as elusive as a cold Diet Coke in a North Korean embassy.
Of course, everything hangs on the outcome of the upcoming election, where Australian businessman Lee Jae-myung apparently leads the polls by a margin that makes everyone nervous. Hong’s campaign is less about crypto, more about “stability,” and, curiously, even less about actual regulation. South Korea’s fate might be written in the stars, or more likely in the blockchain logs nobody remembers to check.
Also read : South Korean Presidential Candidate to follow Donald Trump’s footfall for Crypto Push 🦶💰
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2025-04-29 14:49