South Korea’s Presidential Candidates Woo Crypto Investors Ahead of Election
With around 16 million crypto investors,South Korea’s presidential candidates are vying for their support. These investors make up 36% of the country’s voting population. According to Point Daily, Bitcoin’s market cap in Korea now tops 2,600 trillion won, rivaling the value of KOSPI-listed firms.
Major parties are employing crypto-focused strategies. The Democratic Party has added Professor Kim Yong-jin, a token securities expert, to their campaign. They’ve also introduced a draft Basic Digital Asset Act, which includes a stablecoin authorization system tied to legal tender.
The People Power Party has outlined seven crypto-related initiatives. these include ending the one-exchange-one-bank system and allowing spot ETF trading. Their candidate, Kim Moon-soo, emphasized the need for better protection for crypto investors.
Joseilbo reported that the Financial Services Commission will allow non-profit groups and virtual asset exchanges to sell their assets starting in June. This move requires them to set up internal review mechanisms and enhance anti-money laundering protocols.
These developments highlight the growing importance of the crypto community in South Korea’s political landscape.
