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<p>The post <a href="https://coinpedia.org/news/south-korean-political-party-eyes-crypto-revolution-with-bitcoin-etf-and-tax-breaks/">South Korea Eyes Bold Crypto Plan with Bitcoin ETFs, IEOs, and Tax Deferrals</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a bid to tap into the growing interest of the South Korean public in the cryptocurrency sector, the People Power Party (PPP) is gearing up for some significant moves. The party is considering introducing a Bitcoin spot ETF and exploring a tax deferral for virtual assets as part of its general election promises.</p> 
<p>Dive deeper to understand what this revolution could mean for the crypto space we all know and love! </p> 
<h2 class="wp-block-heading" id="h-steering-crypto-growth"><strong>Steering Crypto Growth</strong></h2> 
<p>The People Power Party’s considerations include establishing a ‘Digital Asset Promotion Committee’ and exploring measures such as Initial Exchange Offerings (IEOs), corporate virtual asset investments, and Bitcoin spot ETFs. The party recognizes the potential of virtual assets and aims to elevate the role of the proposed committee to a level similar to the ‘Securities and Futures Committee.’</p> 
<p>As reported by <a href="https://www.news1.kr/articles/5325282">News1</a>, the People Power Party aims to “promote the entire virtual asset industry” and “establish a ‘digital asset promotion committee’” with a focus on proposing laws and imposing sanctions.</p> 
<p>The PPP is not just stopping at proposals; it is pledging corporate investments and investigating Initial Exchange Offerings (IEOs). This includes allowing corporations, initially financial investment companies, to step into the virtual asset arena. There are plans to gradually expand this initiative to include banks and insurance companies.</p> 
<h2 class="wp-block-heading" id="h-tax-deferral-a-solid-foundation"><strong>Tax Deferral: A Solid Foundation</strong></h2> 
<p>To strengthen the foundation for virtual asset taxation, the PPP is contemplating a bold move – a minimum two-year tax deferral for virtual assets. This move underscores the need for a well-established system, proposing the ‘Virtual Asset User Protection Act’ as a crucial step toward smoother taxation processes.</p> 
<p>This forward-thinking declaration aligns seamlessly with the broader governmental trend of addressing regulatory aspects within the crypto market.</p> 
<p>According to the <a href="https://news.heraldcorp.com/view.php?ud=20240219050101">Herald Business Daily</a>, the party is exploring a “virtual asset taxation deferral” for a minimum of two years as part of its general election promises, aligning with the broader trend of easing financial regulations in the country.</p> 
<h2 class="wp-block-heading" id="h-crypto-governance"><strong>Crypto Governance</strong></h2> 
<p>The PPP’s ambitious agenda extends beyond financial proposals. It aims to address policy discrepancies related to virtual assets, including the classification of virtual asset exchanges. The party is also considering a virtual asset blind trust for National Assembly members and high-ranking public officials. </p> 
<p>This holistic approach underscores the party’s commitment to ensuring robust governance in the ever-evolving world of cryptocurrency.</p>

South Korea Eyes Bold Crypto Plan with Bitcoin ETFs, IEOs, and Tax Deferrals

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