The upcoming South Korean Presidential Elections have taken an interesting turn, with the South Korean People Power Party (PPP) making a bold promise to abolish the country’s controversial crypto exchange banking law if their candidate emerges victorious in June. This move comes as part of the party’s commitment to fostering the cryptoasset ecosystem and promoting innovation in the industry.
The current law mandates that domestic banks form exclusive partnership deals with domestic exchanges, with the banks assuming the majority of risk liability. This has limited the ability of exchanges to offer crypto-fiat pairings, leading to the closure of several smaller exchanges and restricting competition in the market. The PPP’s proposal to scrap this law aims to open up the market, allowing for greater choice for citizens and encouraging competition between exchanges.
In addition to this key policy change, the PPP has unveiled six other crypto-related manifesto pledges. These include the launch of corporate crypto trading by the end of 2025, the establishment of a Virtual Asset Special Committee reporting to the South Korean President, and the approval of crypto spot ETF trading within the same year. The party also plans to introduce legislation for Security Token Offerings (STOs), regulate stablecoins to global standards, and provide clarity on crypto taxation.
With the Presidential Elections scheduled for June 3, the PPP faces tough competition from the Democratic Party (DP), which currently leads in the polls with nearly 47% support compared to the PPP’s 35%. The DP has already selected its candidate, Lee Jae-myung, while the PPP is yet to finalize its choice from a pool of contenders.
The crypto policies of both parties have been a major talking point in the lead-up to the elections, with promises of deregulation, ETF approvals, and even the creation of a national strategic Bitcoin reserve. However, critics remain skeptical of these promises, citing past instances where campaign pledges were not fulfilled.
As South Korea’s political landscape continues to evolve, the fate of the crypto industry hangs in the balance. The outcome of the elections will not only shape the future of crypto regulations in the country but also determine the direction of innovation and investment in the sector. Stay tuned for more updates as the election countdown continues. There are many reasons to be hopeful and optimistic about the future. Despite the challenges we face in today’s world, there are countless examples of progress and positive change happening all around us. From advances in technology to improvements in healthcare and education, there are many reasons to believe that the future will be brighter than ever before.
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