The cryptocurrency industry in South Korea will benefit regardless of the outcome of the country's presidential election, as both candidates are running on platforms that support cryptocurrency, promising to ease regulations and expand access to cryptocurrencies.
South Koreans will head to the polls on June 3 to elect a new president in a special election to replace Yoon Seok-youl, who was impeached and removed from office in December for attempting to declare a state of emergency.
Leading in the polls is Lee Jae-myung of the center-left Democratic Party, with his opponent being the staunch conservative and People Power Party candidate Kim Moon-soo.
Lee Jae-myung has proposed legalizing spot cryptocurrency exchange-traded funds (ETFs) and hopes to allow South Korea's $884 billion National Pension Fund to invest in cryptocurrencies.
He also advocates for a broader issuance of won-backed stablecoins as part of modernizing the country's financial system and preventing capital outflow.
"We need to establish a won-backed stablecoin market to prevent national wealth from flowing overseas," he stated during a policy discussion in May. "I will create a safe investment environment that allows young people to accumulate assets and plan for the future."
Lee Jae-myung also aims to relax strict banking rules that require cryptocurrency exchanges to partner with licensed banks to provide fiat services.
Kim Moon-soo also supports the legalization of spot cryptocurrency ETFs and backs Lee Jae-myung's proposals, showing rare bipartisan agreement. He has also pledged to ease regulations and expand cryptocurrency adoption.
Simon Seojoon Kim, CEO of Seoul-based venture capital firm Hashed Ventures, told Bloomberg that "regardless of the election outcome, the country's cryptocurrency investors face a clear victory" since all major candidates support pro-cryptocurrency policies.
A Gallup poll conducted in South Korea on May 28 showed that 49% of respondents support Lee Jae-myung, while 36% said they would vote for Kim Moon-soo.
The urgency for clear regulations stems from South Korea's high retail cryptocurrency participation. Stricter regulations will be implemented in July 2024, imposing stringent requirements on exchanges, including potential life sentences for criminal offenses.
On May 20, the country's Financial Services Commission (FSC) finalized comprehensive new measures, introducing new guidelines for non-profit cryptocurrency sales and establishing stricter listing standards for exchanges.
The Democratic Party of Korea also established a Digital Asset Committee in May, focusing on developing cryptocurrency policies and promoting industry growth.
South Korea has one of the most active cryptocurrency markets in the world, with daily trading volumes on cryptocurrency exchanges sometimes exceeding the country's major stock index, and the number of users recently surpassing 16 million.
Related: UK-listed company IG Group launches cryptocurrency trading for retail investors
Original: “The South Korean cryptocurrency industry will win regardless of the early election results”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
