South Korean Presidential Candidate Lee Jae-myung Promises to Approve Crypto Spot ETF

Mars Finance News, on May 7, according to TheBlock, Lee Jae-myung, the presidential candidate of South Korea's largest opposition party, the Democratic Party, posted on Facebook on May 6, promising to promote the approval of cryptocurrency spot ETFs and establish a comprehensive regulatory system to ensure digital asset investment safety if elected. Lee Jae-myung stated that this move will create more opportunities for the younger generation in South Korea, and proposed a new interest-bearing savings plan and youth financial planning project. Lee Jae-myung's competitor, the conservative People Power Party candidate Kim Moon-soo, also promised to lift the crypto ETF ban. If the policy is implemented, South Korea may become the first major economy in Asia to approve a crypto spot ETF. The Financial Services Commission (FSC) currently prohibits the issuance or trading of domestic crypto spot ETFs, arguing that Bitcoin and other cryptocurrencies lack legal basis as ETF underlying assets. FSC Chairman Kim Byung-hyun stated on May 7 that he agrees with the presidential candidates' ETF policy direction and promises to discuss implementation plans with the new government. Currently, Lee Jae-myung leads with about 50% support, and Polymarket shows his election probability at 87%. This presidential election will be held on June 3 as a special election following the impeachment of former President Yoon Suk-yeol.