#韩国加密政策 ### South Korea's Cryptocurrency Policy May Become a New Global Regulatory Model

As the South Korean elections approach, cryptocurrency asset policy has become a focal point. Both major candidates have expressed support for the legalization of cryptocurrency assets, including promoting spot ETFs, allowing pension funds to enter the market, and issuing a Korean won stablecoin. If these measures are implemented, South Korea could become a new model for global cryptocurrency regulation.

Currently, South Korea is one of the most active cryptocurrency markets in the world, with high retail participation, but regulation is relatively cautious. If the new government promotes institutional investment, it will greatly enhance market liquidity and may encourage more traditional financial institutions to enter the cryptocurrency space. Additionally, the issuance of a Korean won stablecoin is expected to reduce market reliance on US dollar stablecoins, strengthening local financial sovereignty.

Globally, cryptocurrency regulation is still in the exploratory phase. Although the United States has approved a Bitcoin spot ETF, there remains uncertainty in the policy; the European Union has implemented the MiCA framework, but the execution details are yet to be observed. If South Korea can find a balance between protecting investors and promoting innovation, its policy may serve as a reference for other countries.

However, challenges still exist, including market manipulation risks, the compliance of stablecoins, and the risk control issues associated with pension fund participation. If South Korea can properly address these issues, its cryptocurrency regulatory model could become a global benchmark.