South Korean politician Lee Jae-myung has made a bold promise to approve spot cryptocurrency exchange-traded funds and enhance the investment environment for young investors if he is elected as president. As the Democratic Party’s presidential candidate, Lee has unveiled a series of crypto-friendly pledges in a bid to appeal to younger voters and secure their support.
With the upcoming June 3 election drawing near, Lee has emphasized the significance of digital assets in his policy agenda. In a social media post on May 6, he expressed his commitment to assisting young individuals in building assets and planning for the future by ensuring that crypto investments are safer and more accessible. Lee has vowed to advocate for the legalization of spot crypto ETFs and establish a unified oversight system to bolster investor protections and increase market transparency.
In addition to these initiatives, Lee has proposed reducing trading fees and revamping existing regulations to make cryptocurrency a more stable and mainstream investment option for the general public. His message appears to be targeted at younger South Koreans who have been priced out of traditional asset classes like real estate and stocks and are turning to crypto as a means of seeking higher returns.
Lee is not alone in his efforts to court crypto voters, as politicians from various parties are also vying for the support of the approximately 16 million crypto users in South Korea, constituting around 36% of the electorate. The Democratic Party has enlisted the expertise of Professor Kim Yong-jin, a token securities expert, to help shape its crypto policies, and one of its lawmakers has introduced a draft bill known as the Digital Asset Promotion Basic Act.
Meanwhile, the ruling People Power Party has unveiled its own ambitious plan to bolster the crypto sector. In April, the party outlined a comprehensive strategy that includes approving spot Bitcoin ETFs, abolishing the one-exchange-one-bank rule, permitting institutions to trade crypto, and establishing a regulatory framework for stablecoins in line with international standards.
Representative Park Soo-min of the People Power Party has emphasized the urgency of approving ETFs, citing the progress made by other jurisdictions such as Hong Kong and the U.S. The party is also advocating for the formation of a special crypto committee under its presidential candidate, Kim Moon-soo, who has highlighted the need to safeguard the interests of the millions of Koreans who have invested in digital assets.
As the election approaches, the competition among political parties to attract crypto voters is intensifying, underscoring the growing influence of digital asset investors in the political landscape of South Korea. With both major parties unveiling ambitious plans to support the crypto sector, the outcome of the election could have significant implications for the future of cryptocurrency regulation and investment in the country.