A forecast has emerged that regardless of who wins the presidential election on the 3rd, crypto-friendly policies will be a positive sign for the country's coin industry.
According to Bloomberg on the 2nd, more than one-third of the population, approximately 18 million people in Korea, are investing in digital assets. Korea is evaluated as having the world's most active cryptocurrency market, with digital asset trading volume exceeding the Kospi and Kosdaq trading amounts. According to Bank of Korea data, the cryptocurrency investment portfolio as of the end of last year was approximately 104 trillion won (74.5 billion dollars).
Bloomberg reported that both the Democratic Party's Lee Jae-myung and the People Power Party's Kim Mun-soo have presented crypto-friendly policies during their election campaigns. Although domestic industrial regulations on cryptocurrencies were strengthened last year, both candidates suggested the possibility of transitioning to a more crypto-friendly policy through regulatory relaxation and expanded digital asset accessibility. Both candidates support the introduction of cryptocurrency spot ETFs, emphasizing a positive perception change in digital asset policies.
However, Bloomberg noted that some oppose the candidate Lee's promise of issuing a won-based stablecoin. Previously, the candidate mentioned in a discussion with economic YouTubers on the 8th of last month that "creating a won-based stablecoin market will prevent marginalization and capital outflow".
Bank of Korea Governor Lee Chang-yong expressed concerns at a press conference after the monetary policy committee lowered the base rate on the 29th of last month, stating that "won-based stablecoins could significantly undermine monetary policy effectiveness if non-banking institutions arbitrarily issue them" and that "won-based stablecoins could be used as a means to circumvent capital regulations due to easy trading with dollar-based stablecoins".
Meanwhile, stablecoins are cryptocurrencies aimed at maintaining stable value by being pegged 1:1 with legal tender such as the US dollar. They are typically linked to the US dollar. Global trading volume surged after Donald Trump, when running for president, prominently featured cryptocurrency industry promotion in his campaign.
