South Korea’s Democratic Party leader and presidential front-runner, Lee Jae-myung, has announced plans to legalize spot cryptocurrency exchange-traded funds (ETFs) if elected in the upcoming June 3 election. This initiative is part of a broader strategy to provide more investment opportunities for the nation’s youth, a key demographic in his campaign.
Lee’s proposal includes not only the legalization of spot crypto ETFs but also aims to reduce transaction fees and enhance consumer protection measures. He emphasized the importance of creating a secure investment environment to help young people build assets and plan for their futures.
According to a survey conducted by Korea’s National Barometer Survey between April 24 and 30, Lee’s Democratic Party leads with 42% support, while acting President Han Duck-soo trails at 13%. This marks the first time Lee has incorporated cryptocurrency policies into his presidential campaign.
The ruling People Power Party has also made similar promises, including the approval of spot crypto ETFs, dismantling the one-exchange-one-bank rule, and establishing a regulatory framework for stablecoins. The one-exchange-one-bank rule currently limits each crypto exchange to partnering with only one local bank, a measure intended to prevent money laundering and ensure transparency.
Industry officials estimate that approximately 16 million South Koreans, or about 31% of the population, have access to a cryptocurrency account, highlighting the significance of crypto-related policies in the nation’s political landscape.
