South Korea's leading presidential candidate commits to spot crypto ETF approval
Quick Take
- South Korea’s leading presidential candidate said he would push to allow spot crypto ETFs, which are currently banned from being issued or traded in the country.
- The country’s financial regulator said that it agrees with the direction set forth by the election promise regarding spot crypto ETFs.
Lee Jae-myung, the leading candidate for South Korea's upcoming presidential race, pledged to allow spot bitcoin exchange-traded funds in the country.
"I will introduce spot virtual asset ETFs and establish an integrated monitoring system to create a safe virtual asset investment environment," Lee wrote in a Tuesday Facebook post.
Lee, who is running for the left-wing Democratic Party of Korea, said he made the promise to provide more opportunities for South Korea's younger generation. His other promises include a new interest-bearing savings program and a financial planning program for younger South Koreans.
"The difficulties that young people are currently facing are not individual problems," Lee wrote. "They are a structural crisis created by a lack of opportunities across society as a whole. I will create opportunities so that young people can work freely, grow their assets, and live without worry."
South Korea's upcoming presidential election is set for June 3, following former right-wing party President Yoon Suk-yeol's impeachment last month.
Lee is currently leading the race with an approval rating of around 50%. Decentralized prediction market platform Polymarket's $80 million bet indicates an 87% chance for Lee's victory.
As of today, South Korea's Financial Services Commission (FSC) does not permit the local issuance or trading of spot crypto ETFs, having concluded last year that there is no legal basis for bitcoin or other cryptocurrencies to serve as underlying assets for such products.
Kim Moon-soo, Lee's competitor from the right-wing People Power Party, had also promised to lift the de facto ban on crypto ETFs.
In a meeting on Wednesday, FSC Chairman Kim Byung-hwan stated that the agency agrees with the election pledges regarding spot crypto ETFs, and that it would discuss implementation with the upcoming administration, according to MoneyToday news.
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