- Presidential hopefuls push for sweeping crypto reforms ahead of June election.
- 16 million voters may shift political influence.
- Spot ETF legalization could drive market changes.
Lee Jae-myung and Kim Moon-soo, South Korea’s leading presidential candidates, have promised key cryptocurrency reforms ahead of the nation’s June 3rd snap election, highlighting plans to legalize Bitcoin ETFs.
The promises by South Korean candidates focus on leveraging crypto-policy to attract voters, indicating major shifts for the national and global cryptocurrency markets.
In a race for the presidency, Lee Jae-myung and Kim Moon-soo are competing to win support from 16 million crypto users. Both candidates propose spot cryptocurrency ETF legalization and regulatory reforms aiming to align with international standards. The past leadership saw failures to meet similar promises, causing tensions among crypto enthusiasts. Yoon Suk Yeol’s impeachment and the declaration of martial law led to significant price drops in Bitcoin and Ether; those events have increased crypto market sensitivity to political developments.
Immediate effects promise potential growth for the South Korean crypto industry, while politicians aim to rebuild trust among investors. The proposed reforms could ease regulatory challenges, aligning with the US SEC’s decisions. The changes may attract greater institutional participation, potentially increasing South Korea’s global financial competitiveness. Regulatory movement could redefine South Korea’s technological landscape, impacting cryptocurrency ownership and trading. The election’s outcome is pivotal for crypto progression and a potential increase in technology-driven policy adaptations.
“I pledge to legalize spot cryptocurrency ETFs if elected to create a safe investment environment so that young people can form assets and plan for the future.” — Lee Jae-myung, Presidential Candidate, Democratic Party of Korea
