Lee Myung, the leader and front-runner of South Korea’s Democratic Party, is in the spotlight following his pledge to approve Bitcoin spot exchange-traded funds (ETFs) in the country if he wins the election on June 3. He has also promised to reduce cryptocurrency transaction fees.
Lee’s statements echo the pro-crypto initiatives he declared in the 2022 presidential election campaign. Lee Jae-myung backed cryptocurrency use in 2022 and vowed to institutionalize virtual assets and ensure transparency in disclosing crypto-related information to the public. However, victory slipped through his fingers by a margin of 0.73%. And, this time, Lee has come out supporting Bitcoin spot ETFs.
The presidential election campaign is less than 26 days away, and candidates are racing to promise more crypto-supportive statements. That said, Kim Moon-soo, presidential candidate from the People Power Party, has also embraced crypto, saying he would allow government agencies to invest in virtual assets.
Lee’s announcement specifically intends to target the Korean youths who have shown interest in crypto investments. Korean youths are increasingly shifting from domestic investments to US stocks and crypto investments, according to data from the Korea Securities Depository.
A quote by Lee in a Korean business newspaper read: “I will create a safe investment environment so that young people can [build] assets and plan for the future”.
Also, a pre-election survey by Korea’s National Barometer Survey for April 24 and 30 revealed that the Democratic Party of Korea recorded a higher chance of winning with 42% support. Therefore, Lee is considered the forerunner of the presidential election.
Politicians and candidates, particularly in South Korea, have earlier raised crypto-related initiatives during election campaigns to attract more votes from crypto companies, investors, and active traders. Last month, the country’s National Power Party announced its plan to approve spot ETF trading and broaden the rights of crypto exchanges to access banking services. Yoon Suk-yeol, the current president of the country, is a Bitcoin-friendly politician who has promised to deregulate crypto in South Korea during the 2022 election campaign.
Several other politicians, including the US President Donald Trump, El Salvador’s Nayib Bukele, Ron Paul, a former US Congressman, and others, are also keen supporters of cryptocurrency.
