According to Cointelegraph, the South Korean presidential election will be held on June 3, and all candidates support pro-crypto policies. Lee Jae-myung proposed legalizing spot crypto ETFs and allowing the national pension to invest in cryptocurrencies.
Lee Jae-myung also advocates for the issuance of a won-backed stablecoin to prevent capital outflows and to ease banks' strict regulations on crypto exchanges. Kim Woon-soo also supports these proposals, demonstrating rare bipartisan agreement.
The South Korean crypto market is active, with over 18 million participants. Stricter regulations were implemented in July 2024, and on May 20, the Financial Services Commission introduced new measures to regulate crypto sales and exchange listing standards.