Political Parties Chase Crypto Voter Support Ahead of Elections

With South Korea’s presidential election approaching on June 3, political candidates are focusing their attention on the country’s growing community of cryptocurrency investors. Approximately 16 million people invest in crypto in South Korea, which is 36% of all eligible voters. This substantial group could decide how the election turns out.

Political Parties Chase Crypto Voter Support Ahead of Elections

The popularity of cryptocurrency investment has exploded throughout the nation in recent periods. The total market value of Bitcoin in South Korea is more than 2,600 trillion won, which nearly equals the aggregate value of all KOSPI-listed companies. The recognition by political parties that crypto investment support leads to substantial electoral advantages drives them to seek backing from this investor group.

The crypto investment community has demonstrated unified support for financial matters throughout previous times. Both supporters of the ruling and opposition parties alike demonstrated opposition to particular business regulations and tax laws that interfered with their investments. Crypto investment interests transcend traditional political alliances since investors prioritize policies that shape their monetary resources. All political candidates now submit legislative ideas that aim to support the virtual asset sector.

The Democratic Party of Korea made progress in its political campaign by adding Professor Kim Yong-jin as its expert on digital finance. For a long time, the STO approach to digital finance growth has remained one of his fundamental support points. The Basic Digital Asset Act is a new proposal that lawmaker Min Byeong-deok introduced through his party. The proposed bill addresses stablecoins while establishing guidelines for these assets that are linked to standard financial value and also protects investors better.

"The critical issue affects South Korea’s crypto market development due to its slow pace, which requires a legislative solution," said candidate Lee Jae-myung, who runs for the presidency of the Democratic Party.

Candidate Kim Backs Pension Fund Investment in Crypto

Meanwhile, candidate Kim Moon-soo headed the People Power Party in its move to attract crypto users after the party declared its candidacy. Lawmakers from the political party released seven primary objectives regarding virtual assets on April 28. The measures center around improving the cryptocurrency industry through bank exchange restrictions removal and enabling multiple institutions to participate in cryptocurrency trade while establishing crypto ETFs. Through their support, the party actively advocates for comprehensible regulations regarding tokenized property while campaigning for enhanced regulatory oversight of stablecoins and innovative tax structures.

"We continue observing how crypto investments are expanding, but our nation lacks effective financial market protection systems," said presidential candidate Kim Moon-soo.The politician seeks to establish crypto investment possibilities for government institutions, including the National Pension Service. His political support advocates for free trade permissions for financial institutions and banks when it comes to virtual asset transactions.

"To foster the blockchain industry, we must reduce regulatory hurdles," said Lee Jun-seok of the New Reform Party, highlighting the need for candidates to go further. According to him, the government should take the initiative in exploring the potential of Web 3.0 and the metaverse. Candidate Lee believes that digital finance regulations should be relaxed because such moves would help the market expand and position South Korea as a digital finance leader.

The crypto policies endorsed by all running candidates fail to reveal which direction investors will support during the election. The upcoming election in South Korea gives cryptocurrencies an undisputed status as a leading political challenge.