- About 36% of voters in South Korea support crypto and becoming a major influence in the country’s elections.
- The Bitcoin market value of more than 2,600 trillion won has even surpassed some of the KOSPI-listed flagship companies.
- Both ruling and opposition parties are pledging sweeping reforms like relaxed regulations, ETF trading, and pension fund crypto investment.
With the national election just weeks away, cryptocurrency investors are a significant force in South Korea’s political landscape. The recent report show that nearly 16 million South Koreans, around 36% of the country’s voters, are currently engaged in crypto. This important voter base is leading to political parties promoting very aggressive crypto-driven agendas to attract public support.
The growing influence of cryptocurrency voters is shown by the rapid rise of Bitcoin in the country, now worth over 2,600 trillion won. Bitcoin’s value even surpassed some of the KOSPI-listed flagship companies. This suggests that the crypto world has not only become a part of the Korean economy but also a key factor of Korea’s and global politics.
The growing crypto influence is under the notice of both major parties. The Democratic Party is involving people who love cryptocurrencies in its team, especially Professor Kim Yong-Jin from Sogang University, who is the one to guide the crypto policies. The party is also furthering legislative changes with Min Byeong-Deok, a lawmaker, preparing ‘The Basic Digital Asset Act’ bill that will regulate stable coins and link them to legal tender.
Crypto Power Plays Set the Stage for June Vote
In response to the Democratic Party, the People Power Party has announced that they are working on several crypto-friendly initiatives. These include the abolition of the restrictive exchange-one-bank system, the creation of a new tax structure for the industry, and the launching of spot ETF trading this one year into the government.
Kim Moon-soo, a presidential candidate from the People Power Party, has strongly emphasized the importance of improving protection for people who invest in cryptocurrency.
“About 16 million people, or one-third of the population, are participating in the virtual asset market, but virtual asset investors are being left without even the minimum protection measures in our country’s financial market,” Kim stated.
The People Power Party has also promised that they will take radical actions such as giving the National Pension Service access to digital assets and eliminating the rules that prohibit financial institutions from being directly involved in the crypto market. They also plan to create a special body that will handle and regulate virtual assets.
Smaller Parties Join Crypto Push to Stay Competitive
Adding to the race, the New Reform Party’s presidential candidate Lee Jun-seok has pledged to prioritize the blockchain industry. Speaking in January, Lee emphasized the importance of developing blockchain technology, calling it the backbone of digital assets. His promises include efforts to ease regulations significantly, a move that is expected to attract investors looking for a more open market.
The growing political focus on cryptocurrency mirrors trends seen in other countries. Last year in the United States, similar efforts by Donald Trump to connect with crypto voters were credited as a key factor in his campaign’s success, while Kamala Harris focused her agenda elsewhere.
As South Korea heads to the polls on June 3, the spotlight remains firmly on how the crypto community will cast its vote. Although each candidate is making strides to attract crypto investors, industry insiders remain unsure which direction this crucial voting bloc will lean, with all parties proposing somewhat overlapping strategies.
