David Edwards
South Korea’s leading presidential candidate, Lee Jae-myung of the Democratic Party, has pledged to legalize spot Bitcoin exchange-traded funds (ETFs) and introduce a range of pro-crypto policies if elected in the upcoming June 3 election.
Lee presented his digital asset strategy on May 6 and positioned it as a component of a larger campaign to give South Korean youngsters more investing opportunities. His plan calls for stronger consumer protections, lower transaction fees, and the establishment of spot crypto ETFs—actions meant to promote a more secure and welcoming investing environment.
“I will create a safe investment environment so that young people can build assets and plan for the future,” Lee stated, according to local reports.
According to National Barometer Survey polls from April 24 to 30, Lee’s Democratic Party is presently leading the election with 42% of the vote, well ahead of acting President Han Duck-soo, who is trailing at 13%. Although his party made similar pledges during the general election in 2024, this is Lee’s first public pledge to support bitcoin policy during his presidential campaign.
Recent announcements on crypto policy by the ruling People Power Party have also echoed similar pledges to allow spot crypto ETFs and lift the one-exchange-one-bank restriction, which restricts each exchange to a single banking partner. Originally designed to stop money laundering, this law has come under fire for limiting innovation and competitiveness.
Following the impeachment of former President Yoon Suk Yeol, who was ousted from power when martial law was imposed in December, their candidate, Kim Moon-soo, is working to rebuild trust in the party. Before markets settled, such move caused a brief period of high volatility in the prices of Bitcoin and Ether.
About 16 million people, or 31% of South Korea’s population, own cryptocurrency accounts, making the regulation of digital assets a crucial issue in the country’s current presidential contest.
