The government and the ruling People Power Party have said they will consider introducing spot virtual asset exchange-traded funds(ETF). 

The party’s chief policymaker, Kim Sang-hoon, said in a briefing on Friday that after discussions with the government and the private sector on virtual assets, the ruling camp will review introducing such funds, after checking international trends and assessing the necessary preparations for developing futures market-related infrastructure.

The government has maintained a cautious stance on introducing spot virtual asset ETFs due to concerns about the potential risks posed by crypto assets to the financial system. 

Kim said the government and the ruling party will refer to the Financial Action Task Force recommendations on responding to money laundering through virtual currencies, as well as regulatory cases in other countries. 

Additionally, the government and the ruling party decided on Friday to allow approximately 35-hundred corporate entities—including listed companies and registered corporations classified as qualified professional investors—to engage in virtual asset transactions starting in the latter half of this year.