As South Korea gears up for its June 3 presidential election, major political parties are actively courting the country’s 16 million crypto investors with new pledges and strategic appointments, reflecting a dramatic shift in the national discourse surrounding digital assets.
The ruling People Power Party (PPP) took an early lead on Monday, unveiling seven key policy proposals aimed at bolstering the digital asset sector. These include legalizing the issuance, listing, and trading of spot cryptocurrency exchange-traded funds (ETFs) within the year. The party also promised to institutionalize corporate and institutional virtual asset transactions, while eliminating the controversial “single-bank policy,” which currently restricts crypto exchanges to partnering with only one bank for handling deposits and withdrawals.
“Digital assets are no longer just investment tools. They hold the potential to become a new store of value, like gold in the 21st century,” said PPP policy chief Kim Sanghoon during a party policy meeting on Friday. “Now is the time to move past hesitation and usher in a new era focused on the active development and institutionalization of digital assets.”
PPP leaders emphasized that these pledges reflect long-standing demands from the market for a more flexible and inclusive regulatory framework. As part of its campaign, the party also committed to establishing a special committee on virtual assets under its presidential candidate, signaling urgency in transforming its proposals into reality.
In response, the opposition Democratic Party of Korea (DPK) is working on the Digital Asset Basic Act, led by Rep. Min Byoung-dug. The bill would formally define digital assets as “having economic value represented in digital form,” a substantial progression from the previously enacted Virtual Asset User Protection Act, which focused primarily on investor safety.
“We need new legislation that moves beyond the limitations of existing regulations and meets the demands of the evolving financial market,” Min said during a legislative hearing on Sunday.
DPK’s presidential nominee Lee Jae-myung has also accelerated his crypto policy development, enlisting Kim Yong-jin—a security token offering expert and Sogang University professor—onto his advisory panel.
This political competition marks a notable contrast from the last presidential election three years ago, when digital assets were largely dismissed as speculative gambles. Now, crypto investors, particularly those in their 20s and 30s, are seen as a critical voting bloc—one with the potential to tip the scales in a tight race.
Industry insiders draw parallels with the United States, where crypto-friendly rhetoric has played a significant role in shaping electoral support, particularly among young, tech-savvy voters rallying behind candidates like Donald Trump.
“It’s encouraging to see virtual assets being addressed in campaign pledges, especially as Korea’s regulatory framework gradually takes shape,” said an official at a local Web3 firm. “However, unfulfilled promises are meaningless. I hope this round of pledges leads to concrete policy implementation.”
Digital Assets Emerge as Key Election Issue
With crypto now firmly entrenched in national political dialogue, South Korea’s upcoming presidential election could serve as a defining moment for the digital finance industry. As voters scrutinize party pledges, the real test lies ahead: turning promises into policy that will shape the country’s digital economy for years to come.
