South Korea’s next president will likely be pro-crypto no matter who wins

2d ago•

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It may not be the top campaign issue, but crypto has quietly secured bipartisan backing in South Korea’s upcoming snap presidential election.

Both frontrunners, liberal opposition leader Lee Jae-myung and conservative candidate Kim Moon-soo, have outlined market-friendly positions on digital assets, from stablecoins to spot exchange-traded funds.

Lee Jae-myung, representing the Democratic Party, has proposed the introduction of a stablecoin pegged to the Korean won, aiming to reduce reliance on foreign digital currencies.

“We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas,” he said in a recent policy discussion.

Additionally, Lee supports the legalization of spot crypto ETFs and advocates for allowing major institutional investors, such as the National Pension Fund, to invest in cryptocurrencies under appropriate regulatory frameworks.

“I will create a safe investment environment so that young people can build assets and plan for the future,” he added.

On the other hand, Kim Moon-soo of the People Power Party also endorses the legalisation of spot crypto ETFs and proposes permitting government bodies like the National Pension Service to invest in virtual assets.

Kim’s campaign also emphasises dismantling restrictive regulations, including the “one-exchange-one-bank” rule, which requires each crypto exchange to partner with a single domestic bank for real-name account verification.

Critics argue the rule stifles competition by making it difficult for smaller exchanges to secure banking access.

According to the latest Gallup Korea poll conducted before the polling blackout period, Lee Jae-myung leads with 49% support, followed by Kim Moon-soo at 35%, and Lee Jun-seok of the Reform Party at 11%.

The election is set to be held on June 3.