Lee Jae-myung, South Korean presidential candidate, vows to legalise crypto ETFs and strengthen young investors’ protections. His proposals aim to cultivate a safer, more transparent crypto investing landscape as election day nears, appealing to a youthful electorate leaning towards digital assets in search of better returns.
In a significant move, South Korean presidential hopeful Lee Jae-myung has promised to approve spot cryptocurrency exchange-traded funds (ETFs) and enhance investment safety for younger citizens if he secures the presidency. This pledge comes as he aims to attract the votes of millennials and Generation Z, a demographic increasingly investing in digital assets, as reported by the Korea Economic Daily.
With the presidential election looming on June 3, Lee emphasised the integral role of cryptocurrencies in his campaign. On May 6, he expressed his commitment to guiding young individuals in asset-building and future planning, asserting that access to safer crypto investments is crucial. He aims to legalise spot crypto ETFs and implement a singular oversight system, designed to boost investor protections and enhance market transparency.
Lee’s proposed reforms extend beyond ETF authorisation. He’s looking to cut down trading fees and launch a review of existing regulations, part of a broader initiative to make cryptocurrencies a viable and widely accepted investment for everyday South Koreans. These moves are a direct response to a generation feeling sidelined by soaring property prices and stagnant traditional investment options.
Notably, Lee isn’t alone in targeting the youth vote through cryptocurrency policy; he joins a wave of politicians keen to engage the approximately 16 million South Koreans who actively trade crypto, representing around 36% of the electorate. The increasing political focus on this voter base highlights how seriously parties are taking the crypto community’s potential electoral impact.
The Democratic Party has reportedly brought in Professor Kim Yong-jin, an expert in token securities, to help shape a forward-thinking policy on digital assets. Additionally, a draft bill known as the Digital Asset Promotion Basic Act has recently been introduced by a party lawmaker, aiming to foster a conducive environment for crypto innovations.
On the other side of the political spectrum, the ruling People Power Party has also laid out a progressive agenda for the crypto sector. In April, they unveiled a seven-part plan that includes a commitment to approve spot Bitcoin ETFs this year, manage the removal of the single-exchange banking rule, and establish a stablecoin regulatory framework aligned with international standards.
Representative Park Soo-min from the People Power Party has previously remarked on the urgency of implementing ETFs in South Korea, especially with jurisdictions like Hong Kong and the U.S. making strides in this arena. Their broader ambitions also include forming a special crypto committee under their presidential candidate, Kim Moon-soo, who has raised concerns regarding the protection of millions of Koreans engaged in digital investments.
