According to Cointelegraph, the South Korean presidential election will be held on June 3, with candidates supporting pro-crypto policies. Lee Jae-myung proposed legalizing spot crypto ETFs and allowing the national pension to invest in cryptocurrencies.
Lee Jae-myung also advocated for the issuance of a won-backed stablecoin to prevent capital outflow and to ease strict regulations on banks regarding crypto exchanges. Kim Woon-soo also supports these proposals, showing rare bipartisan consensus.
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.