South Korean Politicians Court Crypto Voters as Election Looms

With the June elections approaching, South Korea’s political class is making overtures to crypto investors—because nothing says ’democratic representation’ like chasing the blockchain vote.

Expect empty promises about regulation—just don’t ask which party actually understands DeFi.

South Korean politicians go all-in on crypto voters

According to the Daily Point report, these 16 million investors represent a greater part of the country’s 44.25 million eligible voters from the previous general election. Now, major political parties in the country are now using several crypto-focused campaign strategies to sway voters.

For instance, the Democratic Party has drafted the token securities analyst, Professor Kim Yong-Jin of Sogang University, into their campaign team.

The party has also seen another crypto-focused alignment after Representative Min Byeong-deok introduced a draft Basic Digital Asset Act that includes provision for a stablecoin authorization system that will be linked to legal tender.

The presidential candidate of the Democratic party Lee Jae-myung had initially promised to regulate the virtual assets industry during the 2022 presidential election. “I think there is a problem with the delayed development of the virtual asset market,” he said at the time.

The crypto-focused lobbying is not only happening in the Democratic party, with the People Power Party also making its move in that regard. According to reports, the party, which confirmed its candidate ahead of the June 3 showdown, has released several crypto-related initiatives. This includes removing the restrictive exchange-one-bank system, establishing a taxation system, institutionalising virtual asset trading for corporations, enabling spot ETF trading a year after taking power, and establishing South Korea as a global virtual asset hub.

People Power Party candidate Kim Moon-soo has also addressed the frustration of investors. “About 16 million people, or one-third of the population, are participating in the virtual asset market, but virtual asset investors are being left without even the minimum protection measures in our country’s financial market,” he said.

He also made some pledges regarding what he will do if he wins, including a National Pension Service to invest in digital assets, removing restrictions on direct virtual asset investment by financial institutions, and establishing a virtual asset management and supervision system.

The presidential candidate for the New Reform Party Lee Jun-seok also made promises, noting earlier in January that he intends to foster the blockchain industry. Lee said he believes that blockchain is the foundation for all digital assets, and it needs to be fostered.

“There should also be attempts in the political world to radically ease regulations,” he said. An official from the virtual asset industry also waded into it, saying, “Deregulation is necessary to promote investment in virtual assets and activate the market.” He also added that it remains unclear where investors will decide to vote since all the presidential candidates are moving in the same direction.

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