South Korean presidential hopeful Lee Jae-Myung promises to authorize crypto ETFs if victorious in next month’s election.
Lee Jae-Myung, the presidential candidate from the Democratic Party of Korea, has vowed to launch a virtual asset spot exchange-traded fund (ETF) and implement crypto reforms nationwide.
“I will establish a secure investment environment that enables young individuals to accumulate assets and strategize for their futures,” stated Lee Jae-Myung. In accordance with the ‘7 major digital asset commitments,’ he assured the formalization of virtual asset spot ETFs and the development of a comprehensive monitoring system. He also suggested a governmental restructuring of the crypto market, asserting, “I will encourage a decrease in transaction fees.”
As reported by local media on May 6, 2025, this marks the first instance where a candidate has incorporated virtual assets in a presidential election promise. Lee Jae-Myung’s commitment is seen as an effort to integrate virtual assets into an institutional framework and enhance protection.
Significantly, South Korea’s governing People Power Party (PPP) introduced an extensive array of crypto reforms last month, which included the authorization of spot digital currency ETFs and a revamp of the nation’s digital asset framework. A key aspect of the PPP’s commitment is the legalization of spot crypto ETFs—a strategy aimed at aligning South Korea with global financial markets.
Referencing the US Securities and Trading network Commission’s January approval of spot BTC ETFs, lawmaker Park Soo-min highlighted the necessity of staying abreast of international regulatory trends.
Major announcement for #crypto in South Korea!
Prepare for a new era of secure, accessible trading on platforms like @XBITDEX!
— XBIT (@XBITDEX) May 7, 2025
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Crypto Trading Keeps Climbing In South Korea
In the meanwhile, crypto trading has surged, outpacing activity in the South Korean stock trading market, with digital assets achieving a market capitalization exceeding 100 trillion won ($74.8 billion). Furthermore, global political changes, including Donald Trump’s election as US President, have triggered a fivefold increase in trading volume.
The nation has postponed the 20% capital gains tax on crypto until 2027, citing difficulties in enforcement. The government is intensifying its efforts against market manipulation by requiring crypto firms to adhere to the Virtual Asset User Security Act (VAUPA), which imposes stricter compliance of digital assets.
Despite regulatory pressures, South Korea continues to be one of the most vibrant crypto markets in the world today. Altcoins like XRP are particularly favored in the region, reflecting South Korea’s appetite for swift and cost-effective transaction solutions.
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Key Takeaways
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Lee Jae-myung, the presidential hopeful from the Democratic Party of Korea, has promised the introduction of virtual asset spot ETFs.
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“I will establish a secure investment environment so that young individuals can accumulate assets and strategize for their futures,” said Lee Jae-myung.
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