Presidential candidates in South Korea quest after 16 million cryptocurrency investors' support in the leadup to the June election, as per a report.
Cashing in on Crypto: South Korean Presidential Candidates Woo Crypto Enthusiasts
With an estimated 16 million crypto enthusiasts making up roughly 36% of South Korea's voting population, politicians are making a play for the digital currency community ahead of the June 3 election. This powerful voting bloc, given Bitcoin's market capitalization of over 2,600 trillion won in Korea, is now on par with the combined value of KOSPI-listed companies.
As Point Daily highlights, these 16 million investors account for a substantial chunk of the nation's approximately 44.25 million eligible voters from the previous general election.
Major parties are going crypto to woo these investors. The Democratic Party, for example, has enlisted the help of Sogang University's Professor Kim Yong-jin, a token securities expert, to advise on their strategies. Meanwhile, the same party's representative Min Byeong-deok has proposed a Basic Digital Asset Act featuring a stablecoin authorization system linked to legal tender.
The People Power Party, having confirmed their candidate on June 3, has also shared seven major crypto-related initiatives. This includes the abolition of 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, stating that approximately 16 million people, or one-third of the population, are participating in the virtual asset market, but crypto investors are currently lacking even the minimum protection measures.
Separately, Joseilbo reported that financial authorities have announced non-profit organizations and virtual asset exchanges may sell their virtual assets starting in June, provided they implement internal review mechanisms and strengthen anti-money laundering protocols.
Meanwhile, in the world of crypto funding, Camp Network and Miden each secured $25 million in venture capital.
In summary, South Korean presidential candidates are actively engaging with cryptocurrency investors by proposing crypto-focused policies and regulatory reforms, recognizing the growing political and economic significance of the crypto community.
- The Democratic Party in South Korea, aiming to appeal to crypto investors, has enlisted the help of Professor Kim Yong-jin, a token securities expert, to advise on their strategies.
- Min Byeong-deok, a representative of the Democratic Party, has proposed a Basic Digital Asset Act, which includes a stablecoin authorization system linked to legal tender.
- The People Power Party, South Korea's main opposition party, has revealed seven major crypto-related initiatives as part of their campaign, such as institutionalizing virtual asset trading for corporations.
- People Power Party candidate Kim Moon-soo highlighted the concern that despite 16 million people participating in the virtual asset market, crypto investors lack even the minimum protection measures.
- In the realm of crypto funding, Camp Network and Miden each secured $25 million in venture capital, demonstrating the growing interest in digital assets among institutional investors.
