South Korean Presidential Candidates Court Cryptocurrency Investors

Approximately 16 million cryptocurrency investors, representing 36% of South Korea’s voting population, are being courted by presidential candidates ahead of the election on June 3.

A report from Point Daily indicates that the political significance of crypto voters has increased, with Bitcoin’s market capitalization in Korea exceeding 2,600 trillion won, nearing the total market value of KOSPI-listed firms.

According to Point Daily, these 16 million investors constitute a notable portion of South Korea’s roughly 44.25 million eligible voters from the prior general election.

Major political parties are implementing crypto-centric strategies to attract these voters. The Democratic Party has brought on Professor Kim Yong-jin from Sogang University, a recognized expert in token securities, to join their campaign efforts. Furthermore, Representative Min Byeong-deok from the same party has introduced a draft Basic Digital Asset Act, which proposes a stablecoin authorization framework linked to legal currency.

The People Power Party, which confirmed its candidate on June 3, has presented seven primary crypto-focused initiatives. These initiatives aim to abolish the restrictive one-exchange-one-bank rule, formalize virtual asset trading for businesses, enable spot ETF trading within the year, and establish South Korea as a prominent global hub for virtual assets.

People Power Party candidate Kim Moon-soo specifically acknowledged the concerns of investors, noting that around 16 million people—about one-third of the population—are engaged in the virtual asset market but currently lack even basic protective regulations.

In another update, Joseilbo reported that the Financial Services Commission will permit non-profit organizations and virtual asset exchanges to sell their virtual assets starting in June, provided they establish internal review processes and enhance anti-money laundering protocols.