South Korea’s Upcoming Election Could Boost Cryptocurrency Market

South Korea’s presidential election in June 2025 could significantly impact the cryptocurrency industry. Both leading candidates, Lee Jae-myung and Kim Moon-soo, support pro-crypto regulations, which could lead to new policies such as ETF legalisation and the introduction of a crypto stablecoin. This election may mark a turning point for crypto growth nationwide and globally.

South Korea’s fast-approaching presidential election on June 4, 2025, could serve as a pivotal moment for the cryptocurrency market—not just within the country, but on a global scale. Reports from News.Az, citing Tradingview, highlight that the leading candidates are supportive of pro-crypto regulations, indicating potential for significant advancement in the adoption of digital currencies across South Korea.

Both candidates, Lee Jae-myung from the Democratic Party and Kim Moon-soo of the People’s Power Party, have expressed strong intentions to boost the crypto sector. While they may come from different ideological backgrounds, they share pivotal policy objectives including the legalization of spot crypto ETFs and the launch of a local stablecoin tied to the Korean won, aimed at decreasing reliance on foreign currencies.

Additionally, they propose to ease crypto regulations to lure investments into the blockchain realm. Of note, Lee has even floated the idea of partially investing Korea’s substantial national pension fund, valued at $884 billion, into crypto assets—an unprecedented move that could influence global investment patterns.

The impact of this election on the cryptocurrency wallet market could be substantial, given that more than 32% of South Koreans, approximately 16 million individuals, are currently engaged with crypto. If reforms are enacted, it’s expected that the global demand for crypto wallets will surge as a result. Presently, the global market for crypto wallets is valued at about $11.52 billion and could soar to an impressive $32.8 billion by 2030, growing at a rate of 23.5% annually.

In summary, with both candidates advocating for the crypto industry, it seems that the election will not hinge on who emerges victorious, but rather on the speed at which cryptocurrencies can develop. The anticipated legal frameworks, combined with growing institutional acceptance and improved infrastructure, are likely to send strong signals to global markets about the future of digital currency in South Korea.