Cryptocurrency industry will benefit regardless of South Korea election outcome

South Korean voters will go to the polling stations on Tuesday to vote in the presidential election. Regardless of the outcome of the presidential election, the cryptocurrency industry will benefit. The two popular candidates, Lee Jae-myung and Yoon Seok-youl, have both promised to relax regulations and expand channels for obtaining digital assets. Candidate Lee Jae-myung proposed to legalize spot cryptocurrency ETFs, and even allow South Korea's $884 billion pension fund to invest in cryptocurrency assets. He also advocates for the widespread issuance of stablecoins pegged to the Korean won, as part of a modern financial system and a strategy to curb capital outflows.

Currently, more than one-third of South Korea's population (approximately 18 million people) are involved in digital asset trading, making it one of the most active cryptocurrency markets globally. On certain trading days, the trading volume on South Korean cryptocurrency exchanges even exceeds that of the stock market. According to data released by the Bank of Korea, the total value of cryptocurrency assets held by South Koreans at the end of last year was approximately $74.5 billion.