South Korea's Presidential Candidates Woo 36% Crypto Voting Bloc

South Korean presidential candidates are actively engaging with the country's 16 million cryptocurrency investors ahead of the June 3 election, recognizing their significant political influence. These investors constitute 36% of the voting population, making them a crucial demographic for political parties to court.

The growing importance of crypto voters is underscored by the fact that Bitcoin's market capitalization in South Korea has surpassed 2,600 trillion won, rivaling the combined value of companies listed on the KOSPI. This financial clout has not gone unnoticed by political strategists, who are now tailoring their campaigns to appeal to this tech-savvy and financially invested group.

Major political parties have begun to implement crypto-specific strategies to attract these voters. The Democratic Party has enlisted Professor Kim Yong-jin of Sogang University, a renowned expert in token securities, to join their campaign team. Additionally, Representative Min Byeong-deok of the same party has proposed a draft Basic Digital Asset Act, which includes provisions for a stablecoin authorization system linked to legal tender. This move is seen as a direct response to the growing demand for regulatory clarity in the crypto space.

The People Power Party, which confirmed its candidate on June 3, has unveiled seven major crypto-related initiatives. These include the abolition of the restrictive one-exchange-one-bank system, the institutionalization of virtual asset trading for corporations, the allowance of spot ETF trading within the year, and the establishment of South Korea as a global virtual asset hub. These proposals aim to create a more favorable environment for crypto investors and to position South Korea as a leader in the global crypto market.

People Power Party candidate Kim Moon-soo has directly addressed the concerns of crypto investors, stating that about 16 million people, or one-third of the population, are participating in the virtual asset market but are being left without even the minimum protection measures. This acknowledgment of the challenges faced by crypto investors is part of a broader effort to gain their support in the upcoming election.

In a related development, the Financial Services Commission has announced that non-profit organizations and virtual asset exchanges will be permitted to sell their virtual assets starting in June. This decision is contingent on the establishment of internal review mechanisms and the strengthening of anti-money laundering protocols. This move is expected to further boost the legitimacy and security of the crypto market in South Korea, providing additional reassurance to investors.