Kang Junhyun of Ruling Party: "Doing Our Best to Legislate Bitcoin Spot ETF"

Ruling Party Secretary of the National Policy Committee Emphasizes "Speed of Institutionalization"
National Policy Committee and Korea Fintech Industry Association Hold National Assembly Forum on the Digital Asset Innovation Act

There has been a suggestion that Korea-style spot virtual asset Exchange Traded Funds (ETFs) should be introduced to the market as soon as possible, and that issues such as establishing index-based creation and redemption methods must be addressed to achieve this. The enactment of relevant legislation is essential. Lawmakers responded by stating that they are doing their utmost to pass such laws.

Participants of the 'National Assembly Forum for the Enactment of the Digital Asset Innovation Act' held at the National Assembly in Yeouido, Seoul on the 30th are taking a commemorative photo. Korea Fintech Industry Association

The Korea Fintech Industry Association announced on July 30 that it held the 5th National Assembly Forum for the enactment of the Digital Asset Innovation Act at the National Assembly Members' Office Building in Yeouido, Seoul, under the theme "Korea-Style Bitcoin Spot ETF: Innovation in Digital Assets and Capital Markets." The forum was hosted by Democratic Party lawmakers from the National Policy Committee and organized by the Korea Fintech Industry Association.

Kang Junhyun, a Democratic Party lawmaker and the ruling party secretary of the National Policy Committee, stated, "The government is actively pursuing the introduction and institutionalization of Bitcoin spot ETFs to make Korea an international digital finance hub, and the National Assembly is also making every effort to amend the Capital Markets Act and enact the Digital Asset Innovation Act. Through this forum, we aim to concretize the introduction of Korea-style Bitcoin spot ETFs and establish an institutional foundation that will enable Korea to take a leading role in the global digital asset market."

Lee Geunju, Chairman of the Korea Fintech Industry Association, said, "The scale of US Bitcoin spot ETFs has surpassed that of gold ETFs, reaching 168 trillion won within one year of their launch. This is the right time for Korea to establish itself as an advanced digital finance nation by introducing Korea-style Bitcoin spot ETFs. To achieve this, digital assets must be specified as underlying assets for ETFs in the Capital Markets Act, and a safe investment environment for digital asset ETFs must be established."

Participants gave presentations on the institutionalization of domestic Bitcoin spot ETFs and the conditions for their successful settlement in the market. Kim Namho, Head of Mirae Asset Global Investments, said, "From the perspective of the regulated traditional financial sector, the listing of domestic Bitcoin spot ETFs can provide stock investors with an opportunity to invest in Bitcoin. However, for these ETFs to be successfully established, it is most important to resolve issues such as index standards and creation/redemption methods, and to increase the trust of market participants."

The forum is scheduled to be held a total of six times throughout this year. The National Policy Committee and the Korea Fintech Industry Association discussed corporate participation measures, a regulatory framework for stablecoins, ways to resolve conflicts of interest at exchanges, the separation of business operations and regulatory frameworks for digital asset service providers, and the introduction of Korea-style spot virtual asset ETFs.