South Korean presidential candidate promises to introduce cryptocurrency ETFs for voters

South Korean presidential candidate promises to introduce cryptocurrency ETFs for voters

More and more politicians are turning to digital assets in their election campaigns, and most recently South Korean presidential candidate Lee Jae-myung has joined them. The Democratic Party member, who is running for the country's highest office, has unveiled ambitious plans to legalise and regulate cryptocurrencies, aimed not only at boosting investor confidence but also winning the favour of a younger generation of voters.

In a recent statement, Lee Jae-myung promised to approve cryptocurrency exchange-traded funds (ETFs) and create a safer and more transparent environment for investing in digital assets if elected president. The move, he said, is intended to help young people "build assets and plan for the future" through more accessible and safer investment options.

As part of his campaign, he unveiled the syllabus for a broader reform of the cryptocurrency market. He complemented his commitment to introduce the legalisation of cryptocurrency ETFs with a plan to introduce a single oversight system that would strengthen investor protection and increase market transparency. Lee also promised to reduce trading fees and revise existing regulations to make cryptocurrencies a more stable and widely accepted part of mainstream finance.

This message is clearly aimed at the younger generation, who in recent years have been turning away from traditional assets such as real estate or stocks to cryptocurrencies in search of higher returns. With an estimated 16 million cryptocurrency users in South Korea - representing approximately 36% of the electorate - digital assets have become an important voting bloc. Politicians from both major parties recognize their importance and are trying to curry their favor.

The Democratic Party is already actively working to promote digital assets. Professor Kim Yong-jin, an expert in token securities, has been brought on board to help shape policies in this area. In addition, one of its lawmakers has introduced a bill called the 'Basic Law on the Promotion of Digital Assets', which aims to strengthen the legal framework and investor protection.

On the other hand, the ruling People Power Party is also pushing for cryptocurrencies. Back in April, it unveiled a strategy containing seven key points, including the approval of a bitcoin spot ETF as early as this year. The party also plans to abolish the "one exchange, one bank" rule, allow institutions to trade cryptocurrencies and introduce stablecoin regulations according to global standards. In addition, it has set up a special crypto committee led by candidate Kim Moon-soo to highlight the lack of investor protection in the digital sector.

With his promise, future President Lee Jae-myung confirms the growing trend where cryptocurrencies and digital assets are beginning to play a key role in South Korean politics and economy. The question remains what impact these moves will have on market stability and investor confidence across the region. But one thing is certain - the digital world is increasingly taking centre stage, not only for financiers but also for policymakers who want to be part of this innovative revolution.

*This is not an investment recommendation.

Coingarage team