South Korean Election Features Crypto Policy Shifts Amid Bipartisan Support
Despite not being a top campaign issue, cryptocurrency has gained unexpected bipartisan backing in South Korea’s upcoming snap presidential election, as leading candidates advocate for regulatory reforms and market diversification.
Candidate Platforms
Lee Jae-myung (Democratic Party)
The liberal opposition leader has proposed several measures to bolster the domestic crypto market: won-pegged stablecoin issuance, legalization of spot crypto ETFs, and allowing major institutional investors, including the National Pension Fund, to participate under strict regulatory frameworks.
“We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas.”
Lee emphasized youth-friendly investment options, stating: “I will create a safe investment environment so that young people can build assets and plan for the future.”
Kim Moon-soo (People Power Party)
The conservative candidate also supports the legalization of spot crypto ETFs and advocates for institutional investment by entities like the National Pension Service.
Kim’s platform notably includes proposals to dismantle the “one-exchange-one-bank” rule, which currently forces each cryptocurrency exchange to partner with a single domestic bank for real-name verification. Critics suggest this regulation hinders competition, making it difficult for smaller exchanges to secure banking services.
Election Context
Scheduled for June 3, the election sees Lee Jae-myung currently leading the polls with 49% support according to recent Gallup Korea polling data, followed by Kim Moon-soo at 35%, and Reform Party candidate Lee Jun-seok at 11%.
Crypto market movers
Ethereum is down 1.5% in the same period to $2,485.
What we’re reading
Animoca Could Be Crypto’s Next U.S. Public Offering. Is It a Strong GameFi Bet?
What the market isn’t telling you — Milk Road
Ross Ulbricht nets $1.3m in prison memorabilia auction, gets $31m ‘donation’ soon after ― DL News
