The Democratic Party of Korea's landslide victory in the 22nd general election has sparked changes in the cryptocurrency market. They pledge to allow bitcoin spot exchange-traded funds (ETFs), contrary to current financial regulations, raising hopes in the virtual asset market. The party's majority is anticipated to accelerate cryptocurrency deregulation, including the introduction of Bitcoin spot ETFs by amending the Capital Markets Act. The move aims to institutionalize virtual assets and stabilize wealth. Meanwhile, the BNP aims to institutionalize virtual assets through the 'Basic Act on Virtual Assets' and considers delaying taxation on virtual asset investment income. Financial authorities are open to discussions on virtual assets legislation, hinting at upcoming debates. Speculation of Hong Kong approving a Bitcoin spot ETF adds to the anticipation, potentially attracting significant investment from Chinese investors amid China's strict regulations on the virtual asset market. The 22nd National Assembly is expected to actively address virtual asset issues, including Bitcoin spot ETF approval, aligning with the global trend.

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