In South Korea, the upcoming presidential election is shaping up to be a crucial stage in determining cryptocurrency policy. Leading candidates are promising to legalize cryptocurrency investment products.
Candidates' Promises
Lee Jae-myung, the leading candidate for the presidency of South Korea, stated his intention to legalize spot crypto ETFs, which are currently banned in the country. Another candidate, Hong Joon-pyo, is also advocating for deregulating the crypto industry and developing blockchain as a recognized sector.
Lee's ETF Legalization and Tax Plan
If elected, Lee plans to introduce spot virtual asset ETFs and establish an integrated monitoring system to ensure safe investments in digital assets. He also promised to lower trading fees and create a safer investment environment, considering there are approximately 15.59 million crypto investors in the country.
Polling Results
As of late April, Lee Jae-myung held 48.5% in public opinion polls, remaining the clear front-runner among candidates. The second most popular candidate, former Labor Minister Kim Moon-soo, garnered 13.4% support, while Hong Joon-pyo placed third with 10.2%. Other candidates are significantly behind.
The upcoming elections in South Korea could have a significant impact on the future of the crypto industry in the country, particularly if Lee Jae-myung fulfills his promises regarding the legalization of crypto ETFs and deregulation.
