Both ruling and opposition parties in South Korea promised to allow ICOs before the 22nd general election

Before the 22nd general election, both ruling and opposition parties in South Korea began to seriously court the votes of virtual asset (cryptocurrency) investors. For example, they allowed for Bitcoin spot exchange-traded funds (ETFs), which were banned by financial authorities, as well as postponing next year's scheduled taxes. Among these, the long-awaited initial coin offering (ICO) is the most prominent cryptocurrency-related promise made by both the ruling party and opposition. Meanwhile, both governing and opposition parties have made promises related to cryptocurrencies that not only include gradually introducing ICOs but also allowing Bitcoin spot ETFs to be issued and listed in South Korea, legislating token securities (ST), gradually introducing corporate investment in cryptocurrencies, and formulating a second phase of cryptocurrency legislation.