According to Bloomberg, regardless of the outcome of the South Korean presidential election on the 3rd, the cryptocurrency industry will benefit. Both main presidential candidates have promised to support cryptocurrency policy reforms, including promoting the legalization of spot cryptocurrency ETFs, relaxing restrictions on exchange-bank cooperation, expanding the scope of crypto asset usage, and proposing the issuance of a won-backed stablecoin.
Bloomberg explained: "South Korea is one of the most active and enthusiastic cryptocurrency markets globally, with over one-third of the population investing in cryptocurrencies. Sometimes, the trading volume of cryptocurrency exchanges even exceeds that of the Korea Composite Stock Price Index (KOSPI) and KOSDAQ, highlighting its significance. The main presidential candidates have promised to relax regulations, expand cryptocurrency accessibility, and expressed support for the cryptocurrency industry."
