Crypto Fever Hits South Korea's Presidential Race

16 Million Crypto Voters Hold the Key to Election

Hold onto your hats, crypto fans! South Korea's presidential election is heating up, and it's all about the 16 million crypto investors—that's a whopping 36% of the country's voting population. These digital currency enthusiasts are the ones candidates are scrambling to win over before the big vote on June 3.

Bitcoin's Boom Fuels Political Power

Get this: Bitcoin's market cap in Korea is now over 2,600 trillion won, outshining even the KOSPI-listed companies. No wonder crypto voters are becoming a political force to be reckoned with. Point Daily's report spills the beans on how these 16 million investors make up a huge chunk of the 44.25 million eligible voters from the last election.

Parties Pull Out All the Stops

The major parties are going all-in with crypto-specific strategies to snag these voters. The Democratic Party's got Professor Kim Yong-jin, a token securities guru from Sogang University, on their team. And Representative Min Byeong-deok isn't messing around—he's pushing a draft Basic Digital Asset Act with a stablecoin authorization system tied to legal tender.

Meanwhile, the People Power Party, fresh off confirming their candidate on June 3, is dropping seven major crypto initiatives like they're hot. They're talking about ditching the one-exchange-one-bank system, letting corporations trade virtual assets, green-lighting spot ETF trading this year, and turning South Korea into a global virtual asset hub.

Candidate Calls Out Lack of Protection

People Power Party's Kim Moon-soo isn't holding back. He's calling out the frustration of investors, saying that with about 16 million people—one-third of the population—in the virtual asset market, they're being left high and dry without even the bare minimum protection.

New Rules for Non-Profits and Exchanges

In other news, Joseilbo dropped a bombshell: starting in June, non-profit organizations and virtual asset exchanges can sell their virtual assets. But there's a catch—they've got to set up internal review mechanisms and beef up their anti-money laundering game, according to the Financial Services Commission.