Crypto isn’t just an opportunity in South Korea; it’s a lifestyle. With more than 18 million individuals actively involved in digital trading, the volume greatly surpasses that of the major stock markets, Kospi and Kosdaq. As the country approaches election week, one thing is clear: cryptocurrency stands to gain regardless of the election outcome.

Both current presidential contenders—Lee Jae-myung (liberal) and Kim Moon-soo (conservative)—are fully embracing pro-crypto positions, promising to reduce regulatory burdens and advocate for spot crypto ETFs.

Currently, South Koreans possess over $74.5 billion in cryptocurrency, marking a substantial market.

NEWS: Presidential candidates in South Korea are committed to legalizing spot crypto ETFs and easing restrictions. Source

With praise aimed toward the potential investment of the $884 billion pension fund within the crypto space, it’s conceivable that the impending crypto policies are set to ignite a bull market, with unprecedented bipartisan support.

However, controversy exists among the proposals. Lee’s advocacy for a won-backed stablecoin intends to enhance financial sovereignty but faces pushback from the Bank of Korea, which argues that only central banks should oversee stablecoin issuance to safeguard monetary policies.

The report outlines an urgent need for South Korea to adapt rapidly as global players, particularly under Trump’s initiative toward U.S. dollar dominance in stablecoins, are reshaping the competitive landscape.

In conclusion, South Korea is on course to become a significant player in the crypto domain, balancing caution with strategic openness to attract new enthusiasts.