Lee Jae-Myung, Leader of South Korea's Democratic Party, Has Pledged to Approve Spot Bitcoin ETFs If He Wins the Presidency

Lee Jae-myung, the leader of South Korea’s Democratic Party, has promised to approve spot Bitcoin (BTC) ETFs if he wins the presidency, coinciding with BlackRock’s IBIT ETF reporting 16 consecutive days of net inflows.

During a recent interview on May 6, he also expressed plans to support additional pro-crypto policies as part of a broader effort to expand investment opportunities for young Koreans ahead of the June 3 election.

His pro-crypto position serves as part of an initiative focused on enhancing financial prospects for the nation’s younger generation.

As per the local reports, Lee also promised to create a protected investment space that will help young people build wealth and plan ahead during his public address on May 6.

Compound crypto ETFs would get legislation through Lee’s platform, and he planned to lower fees while building stronger consumer defense standards. His fundamental goal is to develop digital assets as a secure financial option that will better serve both Korean investors and new investors who want to build their wealth portfolio.

Public support for Lee reached 42% based on results from the National Barometer Survey, placing him in the lead position ahead of South Korea’s June 3 election.

Support for digital asset regulatory changes comes from both the ruling People Power Party and opposition parties in South Korea, highlighting bipartisan unity for developing the country’s crypto industry.

The approval of ETFs aligns with global trends, especially in the US, where investors are steadily investing in Bitcoin spot ETFs. Notably, the iShare Bitcoin Trust (IBIT) from BlackRock has been receiving continuous net inflows for 16 days since its early 2024 launch.

The fund tracked by HODL 15Capital added 280 more Bitcoins to its holdings during the previous day alone. IBIT fund continues to see massive growth, according to the ETF Store’s President, Nate Geraci, as new capital reached nearly $5 billion.