Candidates for South Korea's presidency are reaching out to 16 million cryptocurrency investors prior to the upcoming June election, as per a report.
Ready to dive into the cryptoverse? Here's a lowdown on what some presidential candidates in South Korea are promising for the June 3 election.
With heating up competition, cryptocurrency investors, estimated to be around 16 million, are a big target for politicians. Representing 36% of South Korea's voting population, their significance has grown as Bitcoin's market cap in the country surpassed 2,600 trillion won, rivaling the combined value of KOSPI-listed companies.
The Democratic Party is going all in with a crypto-friendly approach. They've roped in Professor Kim Yong-jin of Sogang University, a token securities expert, into their campaign team. Representative Min Byeong-deok has floated a draft Basic Digital Asset Act, which includes a stablecoin authorization system linked to legal tender.
The People Power Party, on the other hand, has unveiled seven major crypto-related initiatives. Abolishing the one-exchange-one-bank system, institutionalizing virtual asset trading for corporations, and allowing spot ETF trading within the year are on the table. The ultimate goal? Establishing South Korea as a global virtual asset hub.
Following these ambitious plans, People Power Party candidate Kim Moon-soo addressed the frustration of investors, emphasizing the need for a minimum protection system despite about 16 million people participating in the crypto market.
In a separate development, the Financial Services Commission announced that non-profit organizations and virtual asset exchanges will be allowed to sell their virtual assets starting in June. Stricter anti-money laundering protocols are a part of the deal.
As for the crypto investment scene, Camp Network and Miden have each secured $25 million in funding.
So, what does all this mean? Essentially, major parties realize the potential of the crypto market and are offering proposals to strengthen investor confidence, spur growth, and attract young investors. From legalizing spot Bitcoin ETFs to scrapping the one-exchange-one-bank rule, candidates are taking steps to make South Korea a welcome destination for digital assets. With an increased focus on investor protection, these initiatives aim to create a more transparent, secure, and vibrant crypto landscape. (Enrichment data: Ahead of the June 3 presidential election in South Korea, several key crypto-related initiatives are being proposed by major candidates. These initiatives aim to strengthen the country's cryptocurrency market, enhance investor confidence, and provide financial opportunities, especially for younger generations.)
Candidates in South Korea, particularly the Democratic Party, are pursuing crypto-friendly policies to attract investors, with proposals such as legalizing spot Bitcoin ETFs and authorizing stablecoins linked to legal tender. The People Power Party, on the other hand, aims to establish South Korea as a global virtual asset hub by abolishing the one-exchange-one-bank system and instituting virtual asset trading for corporations. Additionally, non-profit organizations and virtual asset exchanges will be allowed to sell their virtual assets starting in June, subject to stricter anti-money laundering protocols. These initiatives underscore a concerted effort to create a more secure, transparent, and investor-friendly crypto landscape in South Korea.
