Ruling party in South Korea introduces bill to allow corporate investment in cryptocurrencies

South Korean legislation allowing corporate investment in cryptocurrencies has been introduced for the first time in the 22nd National Assembly, which began its term on May 30, 2024. According to an exclusive report by the Seoul Economic Daily, the bill, spearheaded by Jung Sung-kook of the ruling People Power Party (PPP), amends the Financial Investment Services and Capital Markets Act to classify virtual assets like Bitcoin (BTC) and Ethereum (ETH) as properties that asset managers can invest in. This change aims to facilitate their inclusion in spot exchange-traded funds (ETFs).