South Korea's crypto industry is poised for growth regardless of the outcome of the upcoming presidential election on June 3. Both leading candidates, Lee Jae-myung of the Democratic Party and Kim Moon-soo of the People Power Party, are advocating for pro-crypto policies, including the legalization of spot crypto exchange-traded funds (ETFs) and easing of regulations. Lee aims to enable the national pension fund to invest in cryptocurrencies and establish a won-backed stablecoin to modernize the financial system and prevent capital outflows. He has also proposed easing stringent banking requirements for crypto exchanges. Kim supports these initiatives, marking a rare bipartisan agreement on crypto policies. Simon Seojoon Kim, CEO of Hashed Ventures, emphasized that investors will benefit regardless of who is elected. Amidst rising retail participation in crypto, there is a call for clear regulations, especially after the implementation of tighter rules in July 2024 which included severe penalties for exchanges violating laws. With over a third of the population engaged in cryptocurrency, daily trading volumes often surpass those of major stock indexes, underscoring the significance of this election for the future of the crypto sector in South Korea.

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