South Korean presidential candidates court crypto investors

With an estimated 16 million cryptocurrency investors representing 36% of South Korea’s voting population, presidential candidates are aggressively courting the crypto community ahead of the June 3 election.

According to a report by Point Daily, crypto voters’ political significance has grown as Bitcoin’s market capitalization in Korea now exceeds 2,600 trillion won. This has rivaled the combined value of KOSPI-listed companies.

As Point Daily notes, these 16 million investors account for a substantial portion of the country’s approximately 44.25 million eligible voters from the previous general election.

Major parties are using crypto-specific strategies to attract these voters. The Democratic Party has brought Professor Kim Yong-jin of Sogang University, a token securities expert, into their campaign team. Representative Min Byeong-deok of the same party has introduced a draft Basic Digital Asset Act that includes provisions for a stablecoin authorization system linked to legal tender.

The People Power Party, which confirmed its candidate on June 3, has shared seven major crypto-related initiatives. This includes abolishing the restrictive one-exchange-one-bank system, institutionalizing virtual asset trading for corporations, allowing spot ETF trading within the year, and establishing South Korea as a global virtual asset hub.

People Power Party candidate Kim Moon-soo specifically addressed the frustration of investors. He stated that about 16 million people, or one-third of the population, are participating in the virtual asset market, but virtual asset investors are being left without even the minimum protection measures.

Separately, Joseilbo reported that the Financial Services Commission announced that non-profit organizations and virtual asset exchanges will be permitted to sell their virtual assets starting in June, provided they establish internal review mechanisms and strengthen anti-money laundering protocols.