What impact do South Korean elections have on the cryptocurrency market?

South Korea held its presidential election yesterday, and voting has begun. The three main candidates all support the introduction of Bitcoin spot ETFs.

Here are the summarized views of the three individuals on cryptocurrency:

Lee Jae-myung (with the highest chance of winning): Supports spot cryptocurrency ETFs and reducing trading fees for cryptocurrencies.

Kim Woo-sik: Allows public institutions to invest in the cryptocurrency market and supports cryptocurrency ETFs.

Lee Jun-suk: Holds Bitcoin as a national strategic reserve through tools like ETFs.

South Korea has 9.7 million active users,

making it the third largest cryptocurrency market in the world, after the United States and China. After this election, regardless of who wins, it will be beneficial for the cryptocurrency market.

In addition to South Korea, UK Prime Minister candidate Farage has also stated that he will establish Bitcoin reserves at the Bank of England,

and introduce the "Cryptocurrency Assets and Digital Finance Bill." This will spark a cryptocurrency revolution in the UK, making London one of the major trading centers in the world. Recent surveys show that Farage's support rate is rising.

Currently, developed countries around the world are promoting cryptocurrency-friendly policies, which is a long-term positive for the cryptocurrency market.