South Korean Presidential Candidates Pledge Crypto ETF Legalization

South Korea's presidential candidates, Lee Jae-myung and Kim Moon-soo, have both pledged to legalize spot crypto ETFs and ease regulations, according to Bloomberg on June 3. This move aims to modernize the financial system and stem capital outflows. The candidates also support launching a won-backed stablecoin to prevent national wealth from leaking overseas. Lee Jae-myung, leading in a May 28 Gallup Korea poll with 49% support, also wants the $884 billion national pension fund to invest in cryptocurrency. He aims to ease strict banking rules for crypto exchanges. Kim Moon-soo also supports legalizing spot crypto ETFs and easing regulations. South Korea's crypto market is highly active, with over 18 million people involved. Stricter regulations were implemented in July 2024, and the Financial Services Commission finalized new measures on May 20, introducing guidelines for nonprofit crypto sales and stricter listing standards.