crypto.news 2025-05-07 07:47:28

South Korean presidential hopeful Lee Jae-myung vows to approve crypto ETFs

South Korean politician Lee Jae-myung has vowed to approve spot cryptocurrency exchange-traded funds and create a safer investment environment for young investors if elected president. Lee, who is the Democratic Party’s presidential candidate, has rolled out a set of crypto-friendly promises as part of a larger pitch to win over younger voters, according to a Korea Economic Daily report. With the June 3 election approaching, Lee made it clear that digital assets would play a key role in his plans. In a social media post on May 6, Lee said he wants to help young people “[build] assets and plan for the future” by making crypto investment safer and more accessible. He pledged to push for the legalization of spot crypto ETFs, along with the creation of a unified oversight system to strengthen protections for investors and bring more transparency to the market. Among other reforms, Lee said he would work to reduce trading fees and overhaul current regulations, signaling a broader effort to make crypto a more stable and mainstream investment option for everyday users. Lee’s message seems aimed squarely at younger South Koreans who’ve been priced out of traditional assets like real estate and stocks and are turning to crypto in search of better returns. You might also like: South Korean presidential candidates court 16 million crypto investors ahead of June election: report Lee joins a growing list of politicians trying to win over crypto voters. With around 16 million crypto users, roughly 36% of the electorate , digital asset investors have become a major voting bloc. Politicians from both major parties are actively courting them . The Democratic Party has reportedly brought in a token securities expert, Professor Kim Yong-jin, to help shape policy, and one of its lawmakers recently introduced a draft bill dubbed the Digital Asset Promotion Basic Act. Meanwhile, the ruling People Power Party has laid out its own ambitious plan to support the crypto sector. Back in April, the party unveiled a seven-part strategy , including a commitment to approve spot Bitcoin ETFs this year. Further, it wants to scrap South Korea’s one-exchange-one-bank rule, allow institutions to trade crypto, and roll out a stablecoin regulatory framework in line with global standards. As previously reported by crypto.news, Representative Park Soo-min of the People Power Party said South Korea has “no time to delay” on ETFs, especially with jurisdictions like Hong Kong and the U.S. already moving ahead. The party is also pushing to set up a special crypto committee directly under their presidential candidate, Kim Moon-soo, who has spoken out about the lack of protection for the millions of Koreans now invested in digital assets. Read more: South Korea to allow trading for spot Bitcoin ETF this year

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