South Korea's crypto industry stands to gain from the upcoming presidential election, with both leading candidates expressing commitment to enhancing crypto access and easing regulations. On June 3, voters will choose a new president after Yoon Suk-yeol was impeached. Current front-runner Lee Jae-myung from the Democratic Party supports initiatives like legalizing spot crypto ETFs and permitting the national pension fund to invest in cryptocurrencies. He emphasizes the need for a won-backed stablecoin to retain national wealth and create a safe investment environment for the youth.
His opponent, Kim Moon-soo from the People Power Party, also backs the legalization of crypto ETFs and proposed regulations that would help broaden crypto adoption. Simon Seojoon Kim, CEO of Hashed Ventures, stated, "The country’s crypto investors face a clear win regardless of the election outcome."
The call for clear regulations arises from South Korea's substantial retail participation in crypto, where over 18 million citizens are currently involved. Recent regulations enforced strict requirements for exchanges and significant penalties for breaches. With political support for the crypto sector from both candidates, the election illustrates a pivotal moment for the industry in a market that already shows high activity and engagement.
His opponent, Kim Moon-soo from the People Power Party, also backs the legalization of crypto ETFs and proposed regulations that would help broaden crypto adoption. Simon Seojoon Kim, CEO of Hashed Ventures, stated, "The country’s crypto investors face a clear win regardless of the election outcome."
The call for clear regulations arises from South Korea's substantial retail participation in crypto, where over 18 million citizens are currently involved. Recent regulations enforced strict requirements for exchanges and significant penalties for breaches. With political support for the crypto sector from both candidates, the election illustrates a pivotal moment for the industry in a market that already shows high activity and engagement.
