South Korean's democratic party leader Lee Jae-Myung has been reported to have been the latest presidential candidate to promise the approval of the Crypto Exchange-Traded Funds (ETFS) spot and other Crypto friendly steps, he should be elected.
Lee announced his promise to Crypto on May 6 as part of a broader initiative to provide more investment opportunities for Korean youth, one of the major demographics target for rapid prevention of the June 3 election.
“I am doing a safe investment environment for young people to do [build] Ownership and Plans for the Future, ”The Korea Economic Daily (KED) Coipped Lee as saying in Korean.
He also promised the legalization of Crypto ETF spots, lower transaction fees, and more consumer protection steps.
Lee's democratic party of Korea is the favorite winner of the president's election with support of 42%, According to In a survey conducted by the Korean National Barometer Survey between April 24 and 30. Korean president Han Duck-soo, came second to 13%.
This is the first time Lee mentioned Crypto as part of his presidential campaign, Ked said.
The democratic party has made similar promises to the 2024 general election campaign, including the passage of the legalization of the Crypto ETF. However, the development was stuck, Ked said.
The People People People Power Party of South Korea makes similar promises
The ruling party of South Korea, the People Power Party, also Reported Crypto policy promises were made in late April, which included allowing Crypto ETF spots, which revoked the controversial one-exchange-one-bank rule, and the establishment of a regulation framework for stablecoins.
The one-exchange-one-bank rule in South Korea is a regulation that limits every crypto exchange to working with a local bank only. It is intended to prevent money losses and strengthen transparency by ensuring that the identities of crypto investors can be proven when crypto trading.
South Korean industry officials estimate that 16 million or 31% of 51.7 million people in the country have access to a crypto account.
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Kim Moon-soo runs as a People Power Party candidate-a party previously led by Yoon Suk Yeol, who was impeached after he declared Martial Law in December.
The controversial proposal implies a major fall in Bitcoin (BTC), Ether (ETH), and other cryptocurrencies. However, most coins were recovered when Martial Law was raised around six hours later.
The Korean Constitution court promotes Yoon's impeachment in a united 8-0 decision on April 4, effectively removing him from the office.
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