South Korea heads for a presidential election with high issues on June 3 to choose the successor to Yoon Suk Yeol. Like the United States, the 15 million estimated cryptographic investors in the country, constituting at least 30% of its population, has become a hinge block.
In this spirit, the presidential candidates accelerate the proposals for digital asset policy to win young voters experienced in technology. The attraction becomes stronger in an increasing demand for regulated investment products and financial inclusion.
South Korean presidential candidates target cryptographic investors
Local media reports that the two frontrunners, Lee Jae-Myung from the Democratic Party and Kim Moon-SOO of the Power Power party, lead the accusation of Pro-Crypto platforms.
The two would have committed to legalizing the FNB Crypto Spot (Stock Exchange Fund), a decision currently prohibited under the Korean law. These financial instruments would allow investors to expose themselves to Bitcoin and other digital assets through traditional stock markets.
“The three main candidates for the South Korean presidential election support FNB Bitcoin and institutional investments. Currently, FNB Bitcoin and institutional investments are prohibited in Korea.
According to the Korean Herald, Lee Jae-Myung further distinguishes his campaign by proposing to develop a Stablecoin market supported by Gagné. The candidate aims to reduce the dependence on stablescoins foreign like the USDT and the USDC and the outputs of brake capital.
“We have to establish a stable-cache market supported by Gagné to prevent the national wealth from fleeing abroad,” read an extract in the report, which quoted Lee during a political discussion with creators of economic content.
South Korea currently prohibits the interior issuance of stables. However, Lee’s plan would introduce a regulatory path under the next basic law on digital assets.
The proposed legislation, which should be filed this week, will cover the legal status, the issue and circulation of digital assets. It will also demand that Stablecoin issuers register with the Financial Services Commission (FSC) and hold at least 50 billion won in the reserves.
According to the report, the exchanges of national crypto recorded 56.8 billions of Wons ($ 40.8 billion) of outings between January and March. Almost half of them were linked to stablecoins based on the US dollar.
However, criticisms warn against potential macroeconomic risks, citing the privilege of money creation conferred on the private sector.
“Stablecoins are essentially another form of bank, creating money from nothing,” said Shin Bo-Sung, principal researcher at Korea Capital Market Institute.
Bold Crypto Etf and Stablecoin proposals
Institutional adoption is also to the point. The Lee team would have made it possible to allow large players such as the National Pension Fund to invest in digital assets once prices stability standards.
These initiatives correspond to broader public efforts to raise the current ban on enterprise cryptography investment and integrate digital assets in capital markets. Lee Keun-Ju, president of the Korea Fintech Industry Association, supports the ETF Push.
“An ETF Bitcoin Spot is not simply a product. It can be the gateway to broaden the connection between the digital asset ecosystem and the capital market,” he noted.
However, skepticism remains, with Konstantin Tkachuk, co-founder of Titannet Dao, noting that he will remain until the promises materialize.
“It looks cool, but no celebration until the proposals are on paper and their real advantages are clear,” said Tkachuk in a post.
Meanwhile, some voters are wary of superficial promises, a user noting a candidate offering policies related to cryptography but giving completely off -topic and incorrect responses when asked the difference between the USDT and the USDC.
“Do we see the cryptographic scene in Korea as a simple species to exploit and abandon?” The user pointed out.
Meanwhile, the regulatory examination is tightening. The Financial Supervisory Service (FSS) recently indicated that 52.5% of suspect cryptography professions reported between July and December 2023 involving investors in the twenties and thirty – the same demographic as the financial services industry is courting.
New rules under the law on the protection of virtual asset users may also lead to criminal charges for unfair negotiation practices.
Elsewhere, while the presidential candidates warm up at the crypto in South Korea, the country is preparing the second phase of its cryptographic regulatory framework for Liberation in H2 2025. The government has also forced Google to block 17 unregistered foreign crypto exchanges, signaling an assertive position on the protection of investors.
With online opportunities and risks, the crypto has undeniably become a decisive problem in the presidential election of South Korea.
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