Candidates for South Korea's presidency seek support from 16 million cryptocurrency investors prior to the June election, according to a report.
Crypto Voting Block Brings Cryptocurrency Issues to South Korean Election Forefront
(In the heated political arena of South Korea's upcoming election on June 3, candidates are clamoring for the votes of the nation's 16 million cryptocurrency investors who now significantly influence the crypto market with their collective wealth. This modern-day voting block, representing 36% of South Korea's voting population, has undeniably ignited a crypto-centric race among the candidates.)
As reported by Point Daily, this manner of political significance for cryptocurrency enthusiasts has skyrocketed as the market capitalization of Bitcoin in South Korea now surpasses an astounding 2,600 trillion won, equaling the combined value of KOSPI-listed companies.
These 16 million investors, amounting to a considerable segment of the country's approximately 44.25 million eligible voters in the previous general election, carry substantial political weight.
Major parties are leaving no stone unturned to win these crypto-savvy voters over. The Democratic Party has recruited Professor Kim Yong-jin, a token securities expert from Sogang University, onto their campaign team, and Representative Min Byeong-deok has presented a draft Basic Digital Asset Act incorporating provisions for a stablecoin authorization system tied to legal tender.
The People Power Party, which recently announced its candidate, has unveiled seven primary crypto-related initiatives. Plans include abolishing the one-exchange-one-bank system, institutionalizing virtual asset trading for corporations, allowing spot ETF trading within the year, and striving to position South Korea as a global virtual asset hub.
(By addressing investors' frustration, People Power Party candidate Kim Moon-soo emphasized the dire need for proper protection measures for the estimated 16 million virtual asset market participants who constitute roughly one-third of South Korea's populace. The continued exclusion of these virtual asset investors from minimum protection measures remains a pressing concern.)
Joseilbo reported separately that the Financial Services Commission has granted non-profit organizations and virtual asset exchanges permission to sell their virtual assets starting in June, with the condition that they instate internal review mechanisms and enhance anti-money laundering protocols.
(Beyond these announcements, the enrichment data reveals that candidates Kim Moon-soo and Lee Jae-myung share differing opinions regarding the regulation of stablecoins. The debate concerning stablecoins adds a layer of complexity to the election. In addition, the Democratic Party leader, Lee Jae-myung, has pledged to legalize spot crypto ETFs if elected. Current South Korean legislation does not allow local spot crypto ETFs, making this issue of critical importance.)
In a broader context, South Korea aims to capitalize on the economic aspirations of younger voters and assert its commanding position within the global cryptocurrency market.
(Candidates are pursuing a variety of strategies to support and enhance the credibility and stability of the crypto market by advocating for institutional investments in virtual assets. The Democratic Party's draft Basic Digital Asset Act even proposes a stablecoin authorization system that is linked to legal tender. These initiatives demonstrate a multi-faceted approach to supporting South Korea's growing crypto community while cultivating a more favorable environment for global cryptocurrency market growth.)
- The increasing market capitalization of Bitcoin in South Korea, which surpasses an astounding 2,600 trillion won, has brought crypto-centric issues to the forefront of the country's upcoming election.
- These 16 million investors, amounting to a significant segment of South Korea's eligible voters, carry substantial political weight in the election due to their collective wealth and influence on the crypto market.
- Major parties are making efforts to win over these crypto-savvy voters, with the Democratic Party recruiting a token securities expert and proposing a stablecoin authorization system, while the People Power Party has unveiled several crypto-related initiatives.
- The Financial Services Commission has granted permission for non-profit organizations and virtual asset exchanges to sell their virtual assets, subject to certain conditions, influencing the election discourse on crypto regulations.
- South Korea aims to capitalize on the economic aspirations of younger voters and assert its commanding position within the global cryptocurrency market by advocating for institutional investments in virtual assets and supporting a more favorable environment for crypto market growth.
