South Korean presidential candidate Lee Jae-ming advocates: election will promote the legalization of cryptocurrency ETFs, including Bitcoin

As the South Korean presidential election enters the countdown, Lee Jae-ming, the co-Democratic presidential candidate, formally proposed the crypto asset policy proposal yesterday (6), promising that after being elected, he will promote the legalization of cryptocurrency spot ETFs, including Bitcoin, reduce transaction fees, and promote the integration of regulatory systems to create a safer and more friendly investment environment for the younger generation.

Lee Jae-ming shouts "Bitcoin ETF legalization": youth investment pressure becomes new chip

The South Korean Economic Daily reported that the joint Democratic presidential candidate Lee Jae-ming (transliteration) published a youth asset policy through social media, emphasizing that it will promote the institutionalization of cryptocurrency spot ETFs, guide the reduction of current cryptocurrency exchange fees, establish a multi-faceted integrated monitoring system and consumer protection mechanism, and adjust the trading market order in a government-led manner: I will create a safe investment environment so that young people can accumulate assets and plan for the future.

This is the first time that Lee Jae-ming has clearly proposed a virtual asset policy in the presidential election. His joint Democratic Party made similar claims as early as last year. The local Financial Services Commission (FSC) also stated that it would re-examine the ban on encrypted ETFs and institutional user registration, but both of them were gone.

Since real estate and stock markets have high barriers to youth, cryptocurrencies have become a high-risk but highly rewarding emerging investment option. Li Zaiming's policy appeal is to respond to this trend, trying to incorporate crypto assets into the formal system to strengthen security and supervision.

The Kuomintang once made seven major commitments to the cryptocurrency, and the government and the opposition formed a consensus

South Korea's current ruling party, the National Power Party, also proposed the "Seven Void Assets Conventions" at the end of April, including ratifying spot ETFs, abolishing one exchange-one-bank system, opening up the entry of legal person investors into the market, and establishing a stablecoin regulatory framework.

Among them, "one exchange, one bank" stipulates that each cryptocurrency exchange can only cooperate with one local bank to strengthen transparency and anti-money laundering, but has also been criticized to limit the development of the exchange. Nowadays, even though the two major parties in the government and opposition have different perspectives, the Democratic Party focuses on youth policies, and the National Power Party focuses on industrial systems; but both sides seem to have a consensus and hope to accelerate the institutionalization process of virtual assets.

Policy Intent: Locking down male youth, combining employment benefits

Lee Jae-ming's crypto asset policy, combined with a series of proposals for youth employment and service benefits, is regarded by the outside world as a policy layout for the "male aged 20 to 30" voters with weak Democratic support.

He proposed to include the annual service qualification of conscripts in all public institutions, and promote the full inclusion of the national pension premium credit system during the military service. In addition, there are measures such as expanding rental subsidies, promoting young housing policies such as half-price dormitories, as well as providing first-time employment premium subsidies, relaxing student loan conditions, and expanding interest reductions.

South Korea's election battle ends, and tens of millions of people have encrypted accounts become a key ticket warehouse

On the other hand, the KMT party was run for president by former South Korean labor minister Kim Moon-soo, who was previously led by Yoon Seo-yeol, who was impeached after the martial law was announced in December.

According to statistics, about 16 million people in South Korea currently have cryptocurrency accounts, accounting for about 31% of the total population, most of whom are younger generations. This also makes virtual asset policy one of the key battlefields of this election.

The latest poll shows that Lee Jae-ming is currently leading other candidates with a 42% support rate, while current acting president Han Yu-soo ranks second with 13%. The final victory and loss will be announced on June 3.

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