韓國的總統候選人正在競爭贏得該國1500萬加密投資者的心靈

民主黨的Lee Jae-Myung和來自人民權力黨的Kim Moon-soo正在以親聯合提案為首。

With over 15 million digital asset investors—nearly a third of the country’s population—crypto has emerged as a decisive issue in the upcoming South Korean election.

在即將舉行的韓國大選中，有超過1500萬的數字資產投資者（幾乎是該國人口的三分之一）成為決定性的問題。

Candidates are competing to win the confidence of this tech-savvy demographic by pledging to legalise crypto spot ETFs and introduce won-backed stablecoins, policy shifts that could radically reshape the nation’s financial landscape.

候選人正在競爭贏得這一精通技術人群的信心，承諾將加密貨幣ETF合法化並引入贏得支持的Stablecoins，這可能會從根本上重塑全國的財務環境。

Amid record capital outflows and demand for clearer regulation, both leading candidates have aligned their platforms with the rising crypto movement.

在創紀錄的資本流出和對更清晰的監管的需求中，兩位領先的候選人都將平台與加密貨幣運動的不斷增長保持一致。

But as policy discussions heat up, sceptics question whether these promises will move beyond political theatre.

但是，隨著政策討論的加劇，懷疑論者質疑這些諾言是否會超越政治劇院。

Crypto ETFs and pension fund access dominate the debate

加密ETF和養老基金的訪問主導了辯論

Lee Jae-myung of the Democratic Party and Kim Moon-soo from the People Power Party are making pro-crypto proposals a key part of their campaigns.

民主黨的Lee Jae-Myung和來自人民權力黨的Kim Moon-soo正在將Pro-Crypto提案作為其競選活動的關鍵部分。

Both candidates have committed to legalising spot crypto exchange-traded funds (ETFs), currently banned in South Korea.

兩位候選人都致力於將目前在韓國禁止的現場加密交易所交易基金（ETF）合法化。

These instruments would allow indirect investment in assets like Bitcoin through regulated stock exchanges.

這些工具將允許通過受管制的證券交易所對比特幣等資產進行間接投資。

Presently, crypto investment in South Korea is almost entirely retail-driven.

目前，在韓國的加密投資幾乎完全以零售業為導向。

Institutional investment is restricted, and domestic funds such as the National Pension Service cannot legally participate.

機構投資受到限制，國內資金（例如國家養老金服務局）不能合法參與。

That could change under Lee’s proposal to open digital asset investment to large institutions, provided price stability conditions are met.

只要滿足價格穩定條件，李就向大型機構開放數字資產投資的提議可能會發生變化。

This marks a significant shift in government thinking. Until now, South Korean authorities have maintained a ban on corporate crypto exposure.

這標誌著政府思維的重大轉變。到目前為止，韓國當局一直禁止對公司加密貨幣曝光。

However, recent commentary by leaders in the fintech industry, including the Korea Fintech Industry Association, suggests that a regulated ETF market could become a bridge between crypto and capital markets.

但是，包括韓國金融科技行業協會在內的金融科技行業領導者最近發表的評論表明，受監管的ETF市場可能成為加密和資本市場之間的橋樑。

Lee pushes won-backed stablecoin and digital asset law

Lee Pushes贏得了支持的Stablecoin和數字資產法

Lee Jae-myung is also pushing a stablecoin proposal aimed at reducing reliance on US-pegged stablecoins like USDT and USDC.

Lee Jae-Myung還正在推動一項穩定的提案，旨在減少對USDT和USDC等美人的穩定穩定的依賴。

The plan would introduce a won-backed alternative under a proposed Digital Asset Basic Act expected to be introduced in parliament this week.

該計劃將根據預計將在本週在議會中提出的一項擬議的數字資產基本法提出贏得的替代方案。

The bill would define the legal status of digital assets, their issuance and circulation, and set clear guidelines for stablecoin projects.

該法案將定義數字資產的法律地位，其發行和發行，並為Stablecoin項目制定明確的準則。

Under the draft framework, issuers would be required to register with the Financial Services Commission and hold reserves of at least 50 billion won.

根據框架草案，將要求發行人在金融服務委員會註冊，並持有至少500億韓元的儲備。

Recent figures add urgency to the debate. Between January and March 2025, Korean crypto exchanges recorded ₩56.8 trillion ($40.8 billion) in outflows, with nearly half linked to dollar-based stablecoins.

最近的數字增加了辯論的緊迫性。在2025年1月至2025年3月之間，韓國加密貨幣交易所記錄了56.8萬億美元（408億美元）的外流，近一半與基於美元的Stablecoins相關。

The outflows have fuelled concerns about capital flight and foreign currency risk.

流出引起了人們對資本飛行和外幣風險的擔憂。

Lee’s policy seeks to build a domestic alternative, but critics argue that privately issued stablecoins pose macroeconomic risks by enabling money creation outside central bank control.

Lee的政策試圖建立一個國內替代方案，但批評家認為，私人發行的Stablecoins通過在中央銀行控制之外實現貨幣創造來構成宏觀經濟風險。

Analysts at the Korea Capital Market Institute warn that these instruments may effectively serve as shadow banks.

韓國資本市場研究所的分析師警告說，這些工具可以有效地充當影子銀行。

Regulatory crackdown targets unlicensed exchanges

監管鎮壓目標無執照的交流

At the same time, financial regulators are stepping up scrutiny.

同時，金融監管機構正在加強審查。

The Financial Supervisory Service reported that 52.5% of suspicious crypto trading flagged between July and December 2023 involved investors in their 20s and 30s.

金融監管服務報告稱，在2023年7月至1223年12月之間，有52.5％的可疑加密交易涉及20多歲和30多歲的投資者。

This demographic forms the core of the voter base targeted by crypto-friendly politicians.

該人群構成了對加密友好的政客針對的選民基礎的核心。

Regulators have also invoked the Act on the Protection of Virtual Asset Users to propose criminal penalties for unfair trading practices.

監管機構還援引了有關保護虛擬資產使用者的法令，以提出針對不公平貿易慣例的刑事處罰。

Separately, South Korea recently compelled Google to block 17 unregistered foreign exchanges, reinforcing its tough stance on investor protection.

另外，韓國最近迫使Google阻止17個未註冊的外交交流，從而加強了其對投資者保護的堅定立場。

Along with the Digital Asset Basic Act, the government plans to release phase two of its crypto regulatory framework in the second half of 2025, expanding oversight and establishing a foundation for compliant digital finance.

與《數字資產基本法》一起，政府計劃在2025年下半年發布其加密監管框架的第二階段，擴大監督並為合規數字融資建立基礎。