The government is pushing to introduce a 'Bitcoin ETF' in the second half of the year... Regulatory framework for stablecoins also being prepared

The government is preparing plans to introduce spot exchange-traded funds (ETFs) for virtual assets such as Bitcoin (BTC) in the second half of the year. The government also plans to complete the stablecoin regulatory framework within the year.

According to relevant ministries on the 19th, the Financial Services Commission (FSC) gave a business report to the National Planning Commission this day, including plans to implement the administration's campaign pledges. First, the FSC will establish plans for introducing spot ETFs for virtual assets, a key campaign pledge of President Lee Jae-myung, within the year. Specifically, the FSC plans to lay the foundation for introducing ETFs for virtual assets such as Bitcoin, and also design related infrastructure for the creation, custody, operation, and investor protection measures.

The FSC will also push for a second-phase virtual asset legislation in the latter half of the year, focusing on the regulation of stablecoins. The introduction of a Korean won-based stablecoin is one of President Lee's major virtual asset pledges. The ruling Democratic Party of Korea is also accelerating the process of introducing a won-based stablecoin, such as by proposing the 'Digital Asset Basic Act.'

The FSC's business report also included measures to encourage virtual asset exchanges to lower their transaction fees through comparative disclosure and other means. The FSC is reportedly reviewing plans to conduct a survey of virtual asset transaction fees at domestic exchanges. Lowering trading fees for virtual assets is also one of President Lee's campaign pledges.