South Korea's Crypto Craze: Politician Lee Jae-myung Promises Spot ETFs and Safer Investments

Lee's Bold Move to Win Over Young Voters

South Korean politician Lee Jae-myung is shaking things up! He's promising to greenlight spot cryptocurrency exchange-traded funds and create a safer playground for young investors if he snags the presidency. Talk about a game-changer!

Crypto-Friendly Promises on the Campaign Trail

Lee, the Democratic Party's presidential hopeful, is pulling out all the stops with a set of crypto-friendly pledges. He's aiming to win over the younger crowd, and it's all part of his bigger plan to sweep the June 3 election. The Korea Economic Daily spilled the beans on this one.

Digital Assets at the Heart of Lee's Vision

With the election just around the corner, Lee's making it crystal clear: digital assets are front and center in his game plan.

Building Assets and Planning for the Future

In a fiery social media post on May 6, Lee laid it out: he wants to help young people "build assets and plan for the future" by making crypto investment safer and more accessible. It's a bold move to empower the next generation!

Pushing for Legalization and Oversight

Lee's not messing around. He's pledging to push for the legalization of spot crypto ETFs and set up a unified oversight system. This means stronger protections for investors and more transparency in the market. But that's not all—he's also promising to slash trading fees and overhaul current regulations. It's a full-on effort to make crypto a stable and mainstream investment option for everyday folks.

Targeting Young South Koreans Priced Out of Traditional Assets

Lee's message is hitting the bullseye with younger South Koreans who've been squeezed out of traditional assets like real estate and stocks. They're turning to crypto in droves, hunting for better returns, and Lee's got their back.

Politicians Vying for Crypto Voters

Lee's not the only one in the race. With around 16 million crypto users—roughly 36% of the electorate—digital asset investors are a force to be reckoned with. Politicians from both major parties are scrambling to win them over.

Democratic Party's Crypto Strategy

The Democratic Party's not playing around either. They've brought in token securities expert Professor Kim Yong-jin to help shape policy, and one of their lawmakers just dropped a draft bill called the Digital Asset Promotion Basic Act. It's all hands on deck!

People Power Party's Ambitious Plan

Meanwhile, the ruling People Power Party's got its own ambitious plan to support the crypto sector. Back in April, they unveiled a seven-part strategy, including a commitment to approve spot Bitcoin ETFs this year. They're also looking to scrap South Korea's one-exchange-one-bank rule, let institutions trade crypto, and roll out a stablecoin regulatory framework that's up to global standards.

No Time to Delay on ETFs

Representative Park Soo-min from the People Power Party said it loud and clear: South Korea has "no time to delay" on ETFs, especially with places like Hong Kong and the U.S. already making moves.

Special Crypto Committee Under Kim Moon-soo

The party's also pushing to set up a special crypto committee directly under their presidential candidate, Kim Moon-soo. He's been vocal about the lack of protection for the millions of Koreans now invested in digital assets. It's time for action!