The Korean crypto scene will be won either way in the country’s presidential election, as both candidates operate on the procrypt platform, and have pledged to facilitate regulation and expand crypto access.
The Koreans head to the vote on June 3rd and will elect a new president in the snap election on behalf of appointed Yoon Sook-Yeol, who was fired off on his attempt to declare martial law in December.
Currently, the poll is led by Lee Jae Myung of the Center Left Democrat.
Lee is proposing legalization of Cripto Exchange-Traded Funds, and hopes to allow South Korea’s $884 billion national pension fund to invest in cryptocurrency.
He also advocates a ridiculous, ridiculous issuance supported by Koreans who modernize the country’s financial system and generate capital outflows.
“We need to establish a winning stubcoin market to ensure that the wealth of our citizens does not leak overseas,” he said in a policy discussion in May. “We create a safe investment environment so that young people can build their assets and plan for the future.”
Lee also aims to ease strict banking rules that require Crypto Exchange to partner with licensed banks to provide Fiat services.
Kim also supports legalizing the proposals for Spot Crypto ETFS and BUCKING LEE, showing rare bipartisan integrity. He also pledged to ease regulations and expand the adoption of crypto.
Simon Seojoon Kim, CEO of Seoul-based venture capital firm Hashed Ventures, told Bloomberg that “national crypto investors face a clear victory regardless of the outcome of the election,” among all the key candidates in favor of Crypto’s policy.
In a Gallup South Korea poll on May 28, 49% of respondents supported Lee, and 36% said they would vote for Kim.
The urgency to clear regulations
The urgency of clear regulations stems from the high participation of retail crypto in South Korea. Strict regulations were implemented in July 2024 to impose strict requirements on exchanges, including potential life sentences for criminal offences.
Related: Crypto Veteran Capital Shaping South Korea’s Election
On May 20, the country’s Financial Services Commission completed a sweep of the new measures, introduced new guidelines for non-commercial crypto sales, and introduced stricter listing standards for exchanges.
South Korean Democrats also launched a Digital Assets Committee in May focused on promoting cryptocurrency policy development and industry growth.
South Korea has one of the most active crypto markets in the world, with daily trading volumes of crypto exchanges exceeding the country’s major stock indexes, with users counting recently exceeding 16 million.
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