The Defiant 2025-05-14 10:35:21

South Korean Candidates Lee Jae-myung, Kim Moon-soo Back Spot Crypto ETFs Ahead of June 3 Election

In the lead-up to South Korea's presidential election scheduled for June 3, 2025, all three major candidates have expressed support for the introduction of spot cryptocurrency exchange-traded funds (ETFs) and institutional investment in Bitcoin. The candidates include Lee Jae-myung from the Democratic Party, Kim Moon-soo from the Conservative Party, and Lee Jun-seok, who has emphasized the strategic importance of holding Bitcoin as a national asset. This marks a shift in South Korea's current regulatory stance, where Bitcoin ETFs and institutional investments are banned and trading volume is dominated entirely by retail investors. The Democratic Party, South Korea's largest political party, plans to establish a Bitcoin and crypto council reporting directly to the president, which will oversee the approval of ETFs and explore the possibility of the government purchasing Bitcoin. The head of South Korea's top financial regulator has also indicated support for spot crypto ETFs, suggesting potential regulatory changes if any of the leading candidates win the presidency. This bipartisan backing for crypto reforms signals a possible opening of South Korea's financial markets to cryptocurrency products. Separately, Ukraine's parliament is reportedly exploring the launch of a national strategic Bitcoin reserve in collaboration with Binance. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io