🛑 South Korean Presidential Candidates Eye 16M Crypto Votes with Bitcoin ETF Promises

South Korean presidential candidates are making Bitcoin ETF approvals a central campaign promise as they compete for the support of the country’s substantial cryptocurrency voting bloc ahead of the June 3 election.

Democratic Party leader Lee Jae-myung announced on May 6 his commitment to legalizing spot crypto ETFs, alongside promises to lower transaction fees and enhance consumer protections.

The race to secure support from South Korea’s massive cryptocurrency voting bloc has intensified as presidential candidates recognize the electoral power of the country’s 16 million crypto investors.

As per research published by Point Daily, these investors make up almost 36% of the 44.25 million eligible voters in South Korea.

Because of how widely used cryptocurrencies are in South Korea, crypto policy has become a key campaign issue. In Korea, the market value of bitcoin has surpassed 2,600 trillion won.

It is currently on par with the total worth of all businesses included in the Korea Composite Stock Price Index (KOSPI).

The ruling People Power Party has shared seven major crypto-related initiatives on its platform.

These include eliminating the one-exchange-one-bank arrangement, making it official for corporations to trade virtual assets, allowing spot trading of Bitcoin ETFs within the year, and making South Korea a global center for virtual assets.

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