South Korean Presidential Candidate Lee Jae-myeong Promises to Promote Approval of Cryptocurrency Spot ETF

BlockBeats News, May 7th, according to TheBlock, Lee Jae-myung, the presidential candidate of South Korea's largest opposition party, the Democratic Party of Korea, posted on Facebook on May 6th, promising that if elected, he will push for the approval of a cryptocurrency spot ETF and establish a comprehensive regulatory system to safeguard digital asset investment security. Lee Jae-myung stated that this move would create more opportunities for the young generation in Korea, while also proposing a new interest-bearing savings plan and a youth financial planning project. Lee Jae-myung's competitor, conservative party candidate Yoon Seok-youl of the People Power Party, also pledged to lift the ban on crypto ETFs. If the policy is implemented, South Korea may become the first major economy in Asia to approve a cryptocurrency spot ETF.

The Financial Services Commission (FSC) of South Korea currently prohibits the issuance or trading of domestic cryptocurrency spot ETFs, stating that cryptocurrencies like Bitcoin lack a legal basis as the underlying asset for ETFs. FSC Chairman Eun Sung-soo stated on May 7th that he agrees with the presidential candidate's ETF policy direction and promised to discuss implementation plans with the new government. Currently, Lee Jae-myung is leading with a support rate of around 50%, and his odds of winning are shown as 87% on Polymarket. The presidential election is scheduled for June 3rd, following the impeachment of former President Yoon Seok-youl.

BlockBeats previously reported that the South Korean presidential election is approaching, and 16 million crypto voters will influence the key election.