The South Korean crypto scene gets either way in the election of the president of the country, as both candidates have run on pro-Crypto platforms, promising to ease regulations and expand access to crypto.
South Koreans will go to polls on June 3 to select a new president in a snap election to replace Yoon Suk-Yeol, who was impeached and removed from office in his attempt to Declare martial law In December.
Currently leading the polls are Lee Jae-Myung of the center-left Democratic Party, who is against the stable conservative and nominee of People Power Party Kim Moon-soo.
Lee has suggested the synopsis Spot crypto exchange-traded funds and would like to allow South Korea’s $ 884 billion national pension fund to invest in cryptocurrency.
He is also advancing wider release of a stablecoin South Korea supported as part of the country’s financial system modernization and stemming capital outflows.
“We need to establish a win-backed Stablecoin market to prevent national wealth from leaking overseas,” he he he he Says In a policy discussion in May. “I am making a safe investment environment so that young people can develop genitals and plan for the future.”
Lee also aims to ease strict banking policies that require crypto exchanges to partner with licensed banks to offer FIAT services.
Kim also supports the Crypto ETF spots and that Lee’s proposal, which shows the rare alignment of the bipartisan. He also promised to ease regulations and expand crypto adoption.
Simon Seojoon Kim, the CEO of Seoul-based venture capital firm hashed ventures, said Bloomberg said to all major candidates who support pro-crypto policies, “Crypto investors in the country face a clear win regardless of the outcome of the election.”
A Gallup Korea poll on May 28 showed 49% of respondents favoring Lee, while 36% said they would vote for Kim.
Rush for clear regulations
Urgent for clear regulation comes from the high sting of South Korean crypto participation. Strier regulations were implemented in July 2024 to impose strict requirements on exchanges, including potential life sentences for criminal violations.
Related: Veteran Capital in Crypto is shaping South Korea election
On May 20, the country’s financial service commission Ended the sweeping of the new steps.
South Korea’s democratic party launched A digital asset committee focuses on developing cryptocurrency policies and promoting industry growth in May.
South Korea has one of the most active crypto markets in the world, with over 18 million people, or more than a third of the population, involved in crypto, reported Bloomberg. Sales -day -to -day trade volumes on crypto exchanges sometimes exceeded the country’s major stock indexes, and user numbers recently exceeds 16 million.
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