The South Korean Presidential race is set to take another Bitcoin (BTC)-themed turn after the ruling People Power Party named former labor minister Kim Moon-soo as its candidate for June 3’s election.
Per the South Korean media outlet Digital Daily, officials think 16.3 million South Koreans have previously or currently own cryptoassets.
Their data is based on the number of crypto wallets and linked bank accounts held on the nation’s five fiat-trading crypto exchanges at the end of February this year.
South Korean Presidential Elections: Crypto a Key Battleground
The media outlet noted that the South Korean political world is now “putting considerable effort” into making pledges about ways to boost crypto market growth.
South Korean Presidential Candidate Kim Moon-soo (center) with senior People Power Party officials at an event on May 3. (Source: News1 TV/YouTube)
In late April, Kim caused a storm in the crypto community. The candidate said he would “allow government agencies such as the National Pension Service (NPS) and the Korea Investment Corporation (KIC) to invest in virtual assets.”
The NPS is the world’s third-largest pension fund. The KIC is the nation’s sovereign wealth fund.
The media outlet noted that, should the NPS and the KIC start directly investing in BTC and other cryptoassets, the move would “further enhance the crypto market’s reputation.” On April 27, Kim said:
“Considering the changes in the domestic and international economic environment, we can no longer deny the existence of virtual assets.”
The former labor minister said that he would “foster” the “important” domestic crypto industry if he wins power on June 3.
Kim told attendees at the People Power Party convention in KINTEX in Goyang on May 3:
“Many young people make money with virtual assets. But some young people lose money on their purchases. I will try to make the market more stable by institutionalizing it.”
Rival Party Also ‘Crypto-keen’
The PPP and its biggest rival, the Democratic Party, have also talked up the possible approval of Bitcoin exchange-traded funds ETFs.
Late last month, the PPP unveiled seven crypto-related policies ahead of June 3’s poll. The party says it will move to scrap restrictive banking rules for crypto exchanges.
It has also promised to speed up the process of allowing corporations to buy BTC and other coins with their balance sheets.
The DP has also unveiled its own set of crypto policies. Some senior party officials claim they want to establish a national strategic crypto reserve.
Both parties have claimed that they will institutionalize crypto and security tokens if they are elected.
DP candidate Lee Jae-myung has said relatively little on crypto-related matters in the run-up to the June poll.
The Democratic Party Presidential candidate Lee Jae-myung. (Source: Lee Jae-myung/YouTube/Screenshot)
But other DP officials, including many close to Lee, have spoken publicly about plans to launch a new crypto regulator. Some also want to let domestic firms issue stablecoins.
Mixed Opinions on Manifesto Promises
South Korean crypto insiders have reacted to the pledges with a mixture of caution and optimism.
The same media outlet wrote that the industry was “greatly encouraged” by the parties’ “unanimous” support for market-friendly polices.
However, some will recall that candidates made similar pledges in the lead-up to the 2022 and 2024 elections.
Following the polls, however, only a small fraction of these manifesto promises were later turned into laws.
An unnamed official from a major domestic crypto exchange was quoted as saying:
“Institutionalization plans have been a major disappointment for the industry so far. So in that respect, the candidates’ pledges are a very positive sign. However, we will have to wait and see if these pledges are actually put into action after the election.”
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