South Korean Presidential hopefuls woo 16 million cryptocurrency holders as election in June approaches, news claims.
Revamped: Crypto-focused Presidential Candidates Woo South Korea's 16 Million Crypto Investors
The crypto community is drawing attention in South Korea's upcoming presidential election, attracting candidates' attention with an impressive 16 million investors - representing 36% of eligible voters. This electoral power has grown as Bitcoin's local market value has surpassed 2,600 trillion won, rivaling the combined value of KOSPI-listed companies.
As per Point Daily, these cryptocurrency enthusiasts represent a notable portion of the country's 44.25 million eligible voters from the previous general election.
The Democratic Party aims to capitalize on this newfound influence by bringing in digital finance specialists, like Sogang University Professor Kim Yong-jin (a tokenized securities expert), to shape the crypto-friendly policies they advocate for [2][3]. Additionally, they have presented a draft Basic Digital Asset Act that includes provisions for a stablecoin authorization system linked to legal tender.
The People Power Party, in its seven major crypto-related initiatives, has pledged to abolish the restrictive "one-exchange-one-bank" system, encourage institutional participation by legalizing virtual asset trading for businesses, and allow spot crypto ETF trading by 2025, to bring it in line with global markets such as the U.S. [2][3][5]. The party's candidate, Kim Moon-soo, has spoken about the lack of investor protection currently available since about 16 million people are participating in the virtual asset market without basic protections [3].
Three Reasons Why Bitcoin Price Might Smash All-Time Highs
To address money laundering concerns, the Financial Services Commission has announced that non-profit organizations and virtual asset exchanges will be allowed to sell their virtual assets starting in June, following the implementation of internal review mechanisms and enhanced anti-money laundering protocols [3].
Both parties are keen to balance innovation with regulatory oversight, catering to the needs of the country's 16 million crypto investors, making up approximately 36% of eligible voters.
In-depth Insights:
- Basic Digital Asset Act: This act, proposed by the Democratic Party, aims to establish a stablecoin authorization system linked to legal tender. The legislation is designed to bring clarity to the digital asset landscape and offer protections to consumers [2][3].
- Expert Recruitment: The Democratic Party has enlisted digital finance experts, including Sogang University Professor Kim Yong-jin, into their campaign team to help shape crypto-friendly policies [2][3].
- Seven Major Initiatives: The People Power Party unveiled an extensive plan to foster growth in the crypto sector, which includes abolishing the "one-exchange-one-bank" rule, institutionalizing corporate crypto trading, allowing spot crypto ETF trading, and positioning South Korea as a global leader in blockchain and virtual asset innovation [2][3][5]. Their goal is to create investor protection frameworks, and introduce legal frameworks to support security tokens and tokenization projects while strengthening anti-money laundering measures [3][5].
- The Democratic Party in South Korea is employing digital finance experts, such as Sogang University Professor Kim Yong-jin, to draft the Basic Digital Asset Act, which aims to introduce a stablecoin authorization system linked to legal tender, offering protection and clarity in the digital asset landscape.
- As part of their seven major crypto-related initiatives, the People Power Party intends to abolish the "one-exchange-one-bank" system, encourage institutional participation by legalizing virtual asset trading for businesses, and allow spot crypto ETF trading by 2025, all with the aim of aligning South Korea with global markets and creating investor protection frameworks.
- Both major political parties in South Korea acknowledge the importance of the 16 million crypto investors (representing about 36% of eligible voters) in their respective platforms, with a focus on balancing innovation with regulatory oversight.
- To address money laundering concerns, the Financial Services Commission has announced that non-profit organizations and virtual asset exchanges will be able to sell their virtual assets starting in June, following the implementation of internal review mechanisms and enhanced anti-money laundering protocols.
- In an effort to appeal to this substantial proportion of the population involved in cryptocurrency, Presidential candidates in South Korea are strategically focusing on campaign initiatives that cater to the needs and interests of Bitcoin, ico, token, and crypto investors in the country.
