South Korea is having elections on Tuesday, and no matter who wins, crypto is set to benefit. Both top candidates, Lee Jae-myung and Kim Moon-soo, are strong supporters of cryptocurrency.
Lee, who almost won the 2022 presidential race, wants to make crypto exchange-traded funds (ETFs) legal and let the country’s huge $884 billion pension fund invest in crypto. His rival, Kim Moon-soo from the conservative People Power Party, agrees with this idea, showing rare agreement between the two sides.
Lee, who is currently leading in the polls, said during a policy talk in May, “We need to set up a stablecoin market backed by the Korean won to stop our country’s wealth from flowing abroad.”
“I’ll make sure we have a safe place for people to invest, so young people can grow their money and plan for their future.”
Lee Jae-myung
However, his opponent Kim also wants to make it easier for banks to work with crypto exchanges and plans to cut taxes for small investors and business owners who earn money from crypto.
In South Korea, it’s unusual for both political sides to agree on something. But with more than 18 million people, about one-third of the population, trading digital assets, crypto has clearly become a major issue in politics.
South Korea has one of the busiest crypto markets in the world. On some days, the amount of crypto traded is even higher than what’s traded on the country’s main stock markets. Recently, the number of crypto users in South Korea passed 16 million.
What’s the Crypto Scene Like in South Korea?
According to Bithumb, a centralized cryptocurrency exchange established in 2014 and is registered in South Korea, FLOCK (FLOCK/KRW) is the most traded coin, with over $125 million in 24-hour trading volume, making up 17.57% of all trades. Tether (USDT/KRW) comes next with $88 million, followed by XRP, Bitcoin, and Ethereum. This ranking shows that Korean traders are interested in both well-known coins like Bitcoin and Ethereum, and newer coins like FLOCK.
With both top candidates supporting digital assets, South Korea is heading toward a more crypto-friendly future no matter who wins. As trading grows and more people get involved, the big question is: how will the next government turn promises into real change? And will South Korea become a global leader in crypto, or face new challenges as it tries to balance growth with safety?
