韩国的总统候选人正在竞争赢得该国1500万加密投资者的心灵

民主党的Lee Jae-Myung和来自人民权力党的Kim Moon-soo正在以亲联合提案为首。

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.

在即将举行的韩国大选中，有超过1500万的数字资产投资者（几乎是该国人口的三分之一）成为决定性的问题。

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.

候选人正在竞争赢得这一精通技术人群的信心，承诺将加密货币ETF合法化并引入赢得支持的Stablecoins，这可能会从根本上重塑全国的财务环境。

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

在创纪录的资本流出和对更清晰的监管的需求中，两位领先的候选人都将平台与加密货币运动的不断增长保持一致。

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

但是，随着政策讨论的加剧，怀疑论者质疑这些诺言是否会超越政治剧院。

Crypto ETFs and pension fund access dominate the debate

加密ETF和养老基金的访问主导了辩论

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.

民主党的Lee Jae-Myung和来自人民权力党的Kim Moon-soo正在将Pro-Crypto提案作为其竞选活动的关键部分。

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

两位候选人都致力于将目前在韩国禁止的现场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.

这些工具将允许通过受管制的证券交易所对比特币等资产进行间接投资。

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

目前，在韩国的加密投资几乎完全以零售业为导向。

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

机构投资受到限制，国内资金（例如国家养老金服务局）不能合法参与。

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

只要满足价格稳定条件，李就向大型机构开放数字资产投资的提议可能会发生变化。

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

这标志着政府思维的重大转变。到目前为止，韩国当局一直禁止对公司加密货币曝光。

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，包括韩国金融科技行业协会在内的金融科技行业领导者最近发表的评论表明，受监管的ETF市场可能成为加密和资本市场之间的桥梁。

Lee pushes won-backed stablecoin and digital asset law

Lee Pushes赢得了支持的Stablecoin和数字资产法

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

Lee Jae-Myung还正在推动一项稳定的提案，旨在减少对USDT和USDC等美人的稳定稳定的依赖。

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

该计划将根据预计将在本周在议会中提出的一项拟议的数字资产基本法提出赢得的替代方案。

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

该法案将定义数字资产的法律地位，其发行和发行，并为Stablecoin项目制定明确的准则。

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

根据框架草案，将要求发行人在金融服务委员会注册，并持有至少500亿韩元的储备。

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.

最近的数字增加了辩论的紧迫性。在2025年1月至2025年3月之间，韩国加密货币交易所记录了56.8万亿美元（408亿美元）的外流，近一半与基于美元的Stablecoins相关。

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

流出引起了人们对资本飞行和外币风险的担忧。

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的政策试图建立一个国内替代方案，但批评家认为，私人发行的Stablecoins通过在中央银行控制之外实现货币创造来构成宏观经济风险。

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

韩国资本市场研究所的分析师警告说，这些工具可以有效地充当影子银行。

Regulatory crackdown targets unlicensed exchanges

监管镇压目标无执照的交流

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

同时，金融监管机构正在加强审查。

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.

金融监管服务报告称，在2023年7月至1223年12月之间，有52.5％的可疑加密交易涉及20多岁和30多岁的投资者。

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

该人群构成了对加密友好的政客针对的选民基础的核心。

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

监管机构还援引了有关保护虚拟资产使用者的法令，以提出针对不公平贸易惯例的刑事处罚。

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

另外，韩国最近迫使Google阻止17个未注册的外交交流，从而加强了其对投资者保护的坚定立场。

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.

与《数字资产基本法》一起，政府计划在2025年下半年发布其加密监管框架的第二阶段，扩大监督并为合规数字融资建立基础。