Lee Jae-Myung at the World Economic Forum - Annual Meeting of the New Champions in Tianjin, People's Republic of China 2018. (Copyright by World Economic Forum / Sikarin Thanachaiary)Lee Jae-myung, South Korea’s presidential frontrunner, pledged to legalize spot crypto ETFs, which are currently banned from being issued or traded in the country. Presidential candidate Hong Joon-pyo also vowed to deregulate the country’s crypto industry.
South Korea’s top presidential candidate, Lee Jae-myung, said he would push to allow spot crypto ETFs currently outlawed in the country.
The upcoming June 3 presidential election is shaping up to be a referendum on crypto policy, with leading candidates doubling down on promises to legalize crypto investment products, particularly Bitcoin (BTC) exchange-traded funds (ETFs).
South Korea’s presidential candidate, Hong Joon-pyo, previously vowed to deregulate the country’s crypto industry. He also declared his intent to develop blockchain and virtual assets as a fully recognized industry, thus introducing the technology into public services.
Lee pushes for the legalization of previously banned spot crypto ETFs
If elected, South Korea’s leading presidential candidate, Lee, said he would introduce spot virtual asset ETFs and establish an integrated monitoring system to create a safe virtual asset investment environment.
Calls for spot ETF approval have grown, especially after the U.S. approved Bitcoin spot ETFs, while South Korea’s regulator still classifies them as outside financial investment products.
Lee also pledged to lower crypto trading fees and announced plans to create an integrated monitoring system to ensure a safer digital asset environment. The move aims to appeal to the 15.59 million crypto investors in South Korea, accounting for nearly 30% of the population, mostly youths. Current trading fees range from 0.05% to 0.2%, much higher than stock trading fees, averaging 0.015%.
Along with the promise to approve crypto ETFs, Jae-Myung announced on May 6 that he would back other pro-crypto measures as part of a broader initiative to provide more investment opportunities for South Korea’s youth ahead of the June 3 election.
“Youth struggles are not personal failings…They reflect structural issues caused by a lack of opportunity.”
Lee, who is running for the left-wing Democratic Party of Korea, also promised to provide a new interest-bearing savings program and a financial planning program for younger South Koreans.
DP’s Lee maintains wide lead in opinion polls
According to a late April survey conducted by Realmeter, of 1,505 South Koreans aged over 18 years, Lee led the poll with 48.5%. Although Lee’s support dipped slightly, falling below the 50% mark due to uncertainty over the outcome of the election law violation case, he still remains the clear front-runner among all candidates, according to the pollster.
Former Labor Minister Kim Moon-soo of the conservative People Power Party (PPP) came second with 13.4%, followed by former Daegu Mayor Hong Joon-pyo with 10.2%, while former PPP leader Han Dong-hoon garnered 9.7%. Trailing behind were Lee Jun-Seok, the minor New Reform Party’s candidate for the election, at 4.4%, and PPP Rep. Ahn Cheol-soo with 2.5%.
The survey, which had a margin of error of plus or minus 2.5 percentage points and a confidence rate of 95%, also showed that by party, the DP received 46.8% support while the PPP garnered 34.6%.
A Gallup Korea poll released on April 25 showed Lee with 38% support among voters compared with just 6% for Han.
Additionally, a joint survey by four pollsters released on May 1 showed Lee in the lead with 42%, Han Duck-soo with 13%, Han Dong-hoon with 9%, and Kim with 6%. A showdown scenario between Han and Lee showed that Lee would still emerge on top with 46% against Han’s 31%.
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