South Korean Presidential Candidates Court Cryptocurrency Investors
With approximately 16 million cryptocurrency investors making up 36% of South Korea’s voting demographic, presidential contenders are actively engaging the crypto community in anticipation of the June 3 election.
A report from Point Daily indicates that the political significance of crypto voters has increased, with Bitcoin’s market capitalization in Korea exceeding 2,600 trillion won, competing with the combined market value of KOSPI-listed firms.
According to Point Daily, these 16 million investors constitute a substantial portion of South Korea’s roughly 44.25 million eligible voters from the previous general election.
Major political factions are adopting strategies focused on cryptocurrency to attract these voters. The Democratic Party has brought on board Professor Kim Yong-jin from Sogang University, a specialist in token securities, to join their campaign team. Furthermore, Representative Min Byeong-deok of the same party has introduced a draft Basic Digital Asset Act which includes a stablecoin authorization system tied to legal tender.
The People Power Party, which confirmed its candidate on June 3, has announced seven pivotal crypto-related initiatives. These initiatives include abolishing the restrictive one-exchange-one-bank rule, legitimizing corporate virtual asset trading, enabling spot ETF trading within the year, and positioning South Korea as a premier global hub for virtual assets.
People Power Party candidate Kim Moon-soo specifically recognized the worries of investors, noting that around 16 million individuals—roughly one-third of the population—are engaged in the virtual asset arena yet lack even fundamental protections.
In another development, Joseilbo reported that the Financial Services Commission will permit non-profit organizations and virtual asset exchanges to sell their virtual assets beginning in June, contingent upon their establishment of internal review processes and enhancement of anti-money laundering protocols.
