South Korea's Democratic Party leader, Lee Jae-myung, has pledged to legalize spot crypto exchange-traded funds (ETFs) and implement other crypto-friendly measures if elected president. Lee's announcement was made on May 6 as part of his initiative to provide safer investment opportunities for youth ahead of the country's June 3 presidential election.
The Democratic Party currently leads in the polls, and Lee’s promises include spot crypto ETF legalization, reduced transaction fees, and enhanced consumer protections.
The ruling People Power Party has proposed similar crypto policies, such as permitting spot crypto ETFs, lifting the one-exchange-one-bank rule for exchanges, and building a regulatory framework for stablecoins.
Industry data shows 31% of South Koreans have crypto accounts. Previous controversial actions by government leaders have shown immediate market impact, with a noted fall in Bitcoin (BTC) and Ether (ETH) during political upheaval, but recovery followed the resolution.
Both major parties now highlight crypto regulation and adoption, indicating potential rapid changes in South Korea’s approach to digital assets, particularly if Lee wins the presidency.
South Korea Presidential Front-Runner Vows Approval of Bitcoin ETFs and Crypto-Friendly Policies
yesterday / 06:03
News of potential legal spot Bitcoin ETFs in South Korea is strongly bullish for BTC, likely driving increased demand both short- and long-term if implemented.
Legalization of spot crypto ETFs in South Korea could enhance Ether’s visibility and accessibility, fueling price increases, especially if youth investors gain easier exposure.
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