Bitcoin Heats Up South Korea's Election, Candidates Back Crypto
South Korea's National Assembly election on April 10, 2024, is heating up, with Bitcoin price emerging as a key campaign issue. The election will decide the legislative body's composition, which oversees the government and legislation. Meanwhile, over 6 million Koreans have traded digital assets this year, with local exchange Upbit boasting one of the world's largest spot volumes.
Bitcoin's popularity in South Korea is evident, with over 7 percent of election candidates holding cryptocurrencies. Despite this, trading physically-backed Bitcoin investment products is currently prohibited due to the Capital Markets Act. Korean investors have turned to twice-leveraged Bitcoin futures-ETFs from the US, as no other major regulatory bodies, including Australia, Britain, or Hong Kong, have officially approved Bitcoin-Spot-ETFs yet.
In March, Koreans invested over $200 million in MicroStrategy, a company committed to an all-in Bitcoin strategy. The ruling People Power Party has promised to delay stricter taxes on digital assets, while the opposition Democratic Party (Minju) pledges to lift restrictions on Bitcoin-Spot-ETFs.
The South Korean parliamentary election is set to be influenced by Bitcoin price and cryptocurrencies, with both major parties addressing the issue. As digital asset trading gains traction among Koreans, the election results may shape the country's regulatory landscape for cryptocurrencies.
