South Korea's Crypto Revolution: Lee Jae-myung Pledges ETF Approval

Lee Jae-myung, one of the leading South Korean presidential candidates for the Democratic Party, has pledged to legalize spot cryptocurrency ETFs if he becomes president, a first in South Korean history for a leading candidate. His crypto policy focuses on legalizing spot crypto ETFs to allow investment in cryptocurrencies like Bitcoin, providing a safer investment environment for young investors, reducing transaction fees, and increasing consumer protections with monitoring systems.

This movement aims to bring virtual assets into the institutional setting and bolster security. The Democratic Party and the People Power Party (PPP) also made statements supporting crypto ETFs and general reform, indicating bipartisan agreement.

Spurred on by the approval of spot Bitcoin ETFs from the US SEC, these changes are intended to align South Korea with global financial markets. Lee's commitment has been interpreted as an effort to institutionalize digital assets, bolster investor protection, and align the regulation of cryptocurrency in South Korea with global norms, recognizing digital asset policy is a high-risk topic for the majority of voters.