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Lee Jae-myung, front-runner in South Korea’s presidential race, promises to legalize spot crypto ETFs.
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The move aims to support younger investors amid economic challenges.
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South Korea’s financial regulator said it agrees with Lee’s proposal and will work with the next administration.
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Prediction markets give Lee an 87% chance of winning the June 3 election.
Crypto Gains Political Ground in South Korea
Lee Jae-myung, the leading candidate in South Korea’s presidential election, pledged to legalize spot bitcoin ETFs in a Facebook post on Tuesday. The move is part of a broader push to create a safer and more accessible investment environment for virtual assets.
Currently, South Korea prohibits both the issuance and trading of spot crypto ETFs, with regulators citing a lack of legal framework.
A Youth-Focused Financial Agenda
Lee, running on behalf of the Democratic Party of Korea, emphasized that his policy aims to address economic hardship among South Korea’s younger generation. His platform also includes savings initiatives and asset growth plans designed for young citizens.
Regulators Voice Support
The Financial Services Commission (FSC) publicly backed Lee’s direction. FSC Chairman Kim Byung-hwan stated that the agency would coordinate with the incoming administration to potentially implement spot crypto ETF access.
With former president Yoon Suk-yeol impeached, Lee leads the race with 50% support and strong prediction market confidence.
