The elections in South Korea on June 3 may legalize exchange-traded funds and change access to digital assets

The presidential election campaign in South Korea is heating up, and cryptocurrency policy is coming to the forefront. Lee Jae-myung, the presidential candidate from the Democratic Party of Korea (DPK), has promised to legalize spot cryptocurrency exchange-traded funds (ETFs). He also pledged to reduce trading fees for digital asset investors in an attempt to garner support ahead of the vote on June 3.

The statement was made on his official Facebook page, where he also outlined a plan to create a monitoring system to enhance security in the local cryptocurrency market. His statement highlights that major parties are now actively trying to attract the large and growing number of cryptocurrency users in the country.

Lee's statement demonstrates a persistent bipartisan interest in lifting South Korea's ban on spot crypto ETFs. Despite the growing global prevalence and the recent launch of spot bitcoin ETFs in the USA, the country has yet to approve such products.