The Korean election has exploded! Both presidential candidates are eager to give cryptocurrency the 'green light' — Lee Jae-myung wants to create a stablecoin for the Korean won, while Kim Woong-soo aims to lift banking restrictions, directly boosting the heat in the crypto space! The most astonishing part is that the new regulations, which just came into effect on June 1, are a 'double-edged sword': non-profit organizations receiving crypto donations must convert them to Korean won immediately, exchanges can only sell coins to cover costs up to 10% each day, and they can only use the top 20 coins from the five major exchanges. This move has turned South Korea into a 'regulatory testbed'!
Even more exciting is that the candidates have thrown down the gauntlet: Lee Jae-myung announced on May 20 that he wants South Korea's $884 billion pension fund to invest in crypto assets and aims to open a Bitcoin spot ETF by 2025; Kim Woong-soo's seven policies announced on April 30 are even bolder, not only abolishing the restriction that exchanges can only be tied to one bank, but also pushing for the legalization of Security Token Offerings (STOs), directly providing a 'blockchain financing highway' for companies. This is not just an election campaign; it’s clearly an 'auction for crypto policies'!
The most enticing news is that the South Korean Financial Commission officially announced on May 21 that starting in June, exchanges will be allowed to liquidate crypto assets in user fees, and in the second half of the year, listed companies and professional investors will be allowed to 'play with coins'. Coupled with the policy starting in January 2025 that requires a 20% tax on earnings over 50 million won, South Korea's combination of 'strict regulation + strong support' is drawing global attention — is this aimed at stifling the crypto space or building an Asian crypto hub?
Who do you think can better launch the Korean crypto scene: Lee Jae-myung's stablecoin plan or Kim Woong-soo's STO legalization? Come to the comments to place your bets and share to see how Korea dances on the regulatory tightrope!
