South Korea Plans Spot Bitcoin ETF; ETH Whales Accumulate
South Korea Signals Major Crypto Regulation Overhaul
South Korea’s People Power Party (PPP) announced major reforms. They aim to boost the virtual asset ecosystem. Seven key initiatives were introduced at the National Assembly. Plans include authorizing spot Bitcoin ETFs this year. This comes ahead of the June 3rd presidential election.
Lawmakers believe South Korea must adapt quickly. Digital assets play a growing role globally. The country risks falling behind without prompt action. The PPP highlighted the success of US spot Bitcoin ETFs. Rep. Park Soo-min noted their high trading volumes. He stressed South Korea cannot delay action further. The goal is staying competitive globally.
Spot Bitcoin ETF Approval Planned
A central proposal is approving spot Bitcoin ETFs for domestic trading. South Korea currently bans these investment products. This limits options for local investors. Both the PPP and opposition have previously supported lifting the ban. This new proposal signals concrete steps towards approval. It aims to make Bitcoin more accessible to mainstream investors.
Banking Rules and Stablecoin Oversight Included
The PPP also plans regulatory changes for banks and stablecoins. They pledged to abolish the “one exchange, one bank” rule. This rule required exchanges to partner with one bank. It aimed to improve anti-money laundering efforts. Removing it should increase competition and user access.
Stablecoins are another focus. The PPP plans a “global standard” regulatory framework. Rep. Choi Bo-yoon confirmed this. The framework will align with international practices. It ensures stablecoins meet security and transparency standards. This reflects growing awareness of stablecoin importance.
New Committee and Legislation Proposed
Further initiatives include establishing a special committee. A Virtual Asset Special Committee under the president is proposed. It would oversee digital asset policy implementation. It acts as a coordinating body for government efforts.
The party aims to pass new legislation. The Framework Act on Promoting Digital Assets is key. It covers exchange operations and asset listing procedures. Reporting requirements for crypto transactions are included. This aims to increase transparency and investor protection. A separate bill addresses security token offerings (STOs). It covers tokenized securities governance and crypto taxation.
Ethereum Whales Show Strong Accumulation Activity
On-chain data revealed significant Ethereum (ETH) accumulation. Large investors, or whales, moved substantial ETH off exchanges. One whale linked to Cumberland withdrew 27,632 ETH. This amount is worth $50.24 million.
The withdrawals came from platforms like Copper, Binance, and Coinbase. This activity suggests renewed large investor interest in Ether. Another whale made a large Over-The-Counter (OTC) purchase. They bought 30,000 ETH ($54 million) via Wintermute. These moves indicate confidence in ETH’s potential. Whales often accumulate during correction phases before potential rallies. ETH price showed resilience, hovering around $1,829 recently.
Meme Coins Dogecoin and Pi Coin Face Challenges
Established meme coin Dogecoin (DOGE) showed recovery signs. Analysts eye a potential move towards $0.30. However, challenges like unlimited supply remain. Pi Coin faced pressure from a large token unlock. Nearly 5 million tokens were set to be unlocked. Whale accumulation was noted, but price remained subdued.