South Korea's approval of spot cryptocurrency ETFs is unlikely to occur this year due to legislative delays, according to Naver. Four related legislative proposals are currently stalled in the National Assembly, including amendments to the Capital Markets Act and the establishment of the Digital Asset Market Industry Act. These proposals aim to include crypto assets as ETF underlying assets, allow custodians to offer crypto custody, and create a legal framework for derivatives markets. The progress of crypto ETF regulations has been deprioritized due to regulatory restructuring and policies aimed at revitalizing the stock market. Financial authorities are currently prioritizing the Basic Digital Assets Act, which may further delay the legislation for ETFs and derivatives.