Ahead of the upcoming presidential elections in South Korea, candidates Lee Jae-myung and Kim Moon-soo announced plans to legalize crypto ETFs, which could lead to significant changes in the country's financial landscape.
Promises of Lee Jae-myung and Kim Moon-soo
Candidates Lee Jae-myung from the Democratic Party and Kim Moon-soo from the People Power Party have pledged to legalize crypto ETFs in South Korea if elected. These initiatives aim to garner substantial support from the crypto-enthusiast community. The Democratic Party plans to create a safe investment environment, while Kim's party emphasizes the need for urgent actions in crypto finance.
Impact of ETF Legalization
Historically, the legalization of crypto ETFs leads to short-term price increases and long-term market stability. The election results could mirror trends seen in the U.S. and Hong Kong regarding ETF-driven market participation.
Future of the Crypto Market in South Korea
Potential interest from institutional investors is anticipated, with the People Power Party championing broader access for institutional participants. Both parties have identified Bitcoin and Ethereum as core assets in their financial frameworks.
The candidates' promises regarding the legalization of crypto ETFs may transform South Korea's financial environment, contributing to the growth of the crypto market and increased investor confidence.
