South Korea crypto industry to win no matter snap election outcome
South Korea's upcoming presidential election on June 3 features candidates Lee Jae-myung of the Democratic Party and Kim Moon-soo of the People Power Party, both advocating pro-crypto policies. Lee proposes legalizing spot crypto exchange-traded funds (ETFs) and allowing the national pension fund to invest in cryptocurrency, alongside plans for a won-backed stablecoin to prevent capital outflows. He aims to ease banking regulations for crypto exchanges. Kim supports similar crypto initiatives, indicating bipartisan support for the sector. A Gallup Korea poll shows Lee leading with 49% support. The need for clear regulations is heightened due to high retail participation in crypto, with over 18 million South Koreans involved. Recent regulatory measures have been introduced, including stricter guidelines for exchanges. South Korea has one of the world's most active crypto markets, with daily trading volumes often surpassing major stock indexes.
