As South Korea approaches its presidential election on June 3, crypto is becoming a prominent topic, especially considering that nearly a third of South Koreans own digital assets. Both major parties support the establishment of cryptocurrency ETFs, but they disagree on the approach to stablecoins. Candidate Lee Jae-myung proposes won-backed stablecoins to prevent capital flight, while Kim Moon-soo aims to ease banking restrictions on crypto firms by dismantling a one-exchange-one-bank rule. Lee's agenda includes a monitoring system for cryptocurrencies to enhance investor access through regulatory adjustments. Recent discussions by the Financial Services Commission (FSC) could lead to significant policy changes that would allow exchanges and non-profits to sell digital assets starting in June. The ongoing discussions about crypto regulation reflect the necessity for South Korea to align with global regulatory trends, especially following concerns about past failures in the crypto space.

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