Chiara Bianchi
Lee Jae-myung, the leading candidate in South Korea’s upcoming presidential election, has promised to legalize spot Bitcoin exchange-traded funds (ETFs) if elected. The pledge came via a Tuesday post on Facebook, where Lee outlined his plan to support the country’s growing interest in digital assets.
“I will roll out spot virtual asset ETFs and implement a unified oversight framework to ensure a secure crypto investment environment,” Lee said.
Running under the Democratic Party of Korea, Lee emphasized that his crypto policy is part of a broader effort to create financial opportunity for South Korea’s younger generation. His proposed platform also includes high-interest savings accounts and long-term financial planning tools for young adults.
“The hardships facing our youth are not just personal struggles,” Lee wrote. “They’re symptoms of a systemic lack of opportunity. I aim to build a society where young people can thrive, accumulate wealth, and live without constant financial stress.”
Crypto at the Core of a Competitive Campaign
The presidential election is scheduled for June 3, following the recent impeachment of conservative President Yoon Suk-yeol. Lee currently leads the polls with an approval rating near 50%, while decentralized prediction platform Polymarket places his chances of victory at 87%, based on an $80 million market.
While South Korea’s Financial Services Commission (FSC) currently prohibits local trading and issuance of spot crypto ETFs, the regulatory landscape could shift quickly. Last year, the FSC stated there is no current legal framework allowing crypto like Bitcoin to serve as underlying assets for ETFs.
Regulatory Support Emerging from Both Sides
Lee is not alone in his support for crypto ETFs. Kim Moon-soo, his conservative rival from the People Power Party, has also expressed intentions to lift the current ban.
In a statement on Wednesday, FSC Chairman Kim Byung-hwan acknowledged the momentum behind pro-crypto policies. He confirmed the commission is open to discussions on enabling spot ETF products and would collaborate with the new administration after the election, according to a report by MoneyToday.
