South Korea’s crypto industry set to benefit regardless of election
Both presidential candidates support legalising spot crypto ETFs and easing regulations.
South Korea’s cryptocurrency sector is poised to grow no matter the outcome of the upcoming snap presidential election on 3 June. Both candidates have pledged to ease regulations, legalise spot crypto ETFs, and launch a won-backed stablecoin to modernise finance.
Lee Jae-myung of the Democratic Party and Kim Moon-soo from the conservative People Power Party share strong pro-crypto stances.
Lee proposes allowing the national pension fund to invest in crypto and loosening strict banking rules requiring exchanges to work with licensed banks. Both candidates also support legalising spot crypto ETFs, reflecting rare bipartisan agreement.
The push for clearer regulations is urgent, given South Korea’s highly active retail crypto market. Recent government measures impose tough rules on exchanges, including strict listing standards and potential life sentences for violations.
With more than 16 million users and trading volumes rivaling major stock indexes, South Korea’s crypto industry stands to benefit significantly from the election promises.
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