South Korea elections assure a win for crypto
The post South Korea elections assure a win for crypto appeared on BitcoinEthereumNews.com. With South Korea going to the polls on Tuesday, it’s clear that the race guarantees a win for crypto regardless of who becomes the president. Both leading candidates, Lee Jae-myung and Kim Moon-soo, have made crypto a central part of their campaigns. Lee, who narrowly lost the 2022 presidential race, has proposed legalizing spot crypto exchange-traded funds and even allowing the nation’s $884 billion pension fund to invest in crypto. The ETF push is backed by his conservative rival, suggesting rare bipartisan alignment on the potential digital-asset policy. His opponent, Kim Moon-soo from the conservative People Power Party, has also voiced support for the digital asset industry. Kim has vowed to remove barriers so banks can work with crypto exchanges. He also advocates lowering taxes for small investors and entrepreneurs profiting from their crypto. Such bipartisan agreement is uncommon in South Korean politics. But it speaks to the increasing power of crypto in the country. With over 18 million people, over a third of the population, who engage in digital asset trading, it is clear that crypto is now a serious political force. South Korean regulators tighten crypto rules to protect investors The South Korean crypto scene has seen both highs and lows. The greatest blow arrived in 2022 when the TerraUSD stablecoin project imploded. Led by South Korean developer Do Kwon, the failure wiped out more than $40 billion in value, devastating retail investors and fueling a public outcry. In retaliation, the Virtual Asset User Identity Protection Act was passed and came into force in July 2024 with razing provisions for crypto exchanges. Under the law, operators are required to hold at least 80% of user deposits in offline cold wallets, maintain insurance, and develop a plan for possible hacks or system crashes. Exchanges themselves are also subject to tough penalties for fraud,…
The post South Korea elections assure a win for crypto appeared on BitcoinEthereumNews.com.
With South Korea going to the polls on Tuesday, it’s clear that the race guarantees a win for crypto regardless of who becomes the president. Both leading candidates, Lee Jae-myung and Kim Moon-soo, have made crypto a central part of their campaigns. Lee, who narrowly lost the 2022 presidential race, has proposed legalizing spot crypto exchange-traded funds and even allowing the nation’s $884 billion pension fund to invest in crypto. The ETF push is backed by his conservative rival, suggesting rare bipartisan alignment on the potential digital-asset policy. His opponent, Kim Moon-soo from the conservative People Power Party, has also voiced support for the digital asset industry. Kim has vowed to remove barriers so banks can work with crypto exchanges. He also advocates lowering taxes for small investors and entrepreneurs profiting from their crypto. Such bipartisan agreement is uncommon in South Korean politics. But it speaks to the increasing power of crypto in the country. With over 18 million people, over a third of the population, who engage in digital asset trading, it is clear that crypto is now a serious political force. South Korean regulators tighten crypto rules to protect investors The South Korean crypto scene has seen both highs and lows. The greatest blow arrived in 2022 when the TerraUSD stablecoin project imploded. Led by South Korean developer Do Kwon, the failure wiped out more than $40 billion in value, devastating retail investors and fueling a public outcry. In retaliation, the Virtual Asset User Identity Protection Act was passed and came into force in July 2024 with razing provisions for crypto exchanges. Under the law, operators are required to hold at least 80% of user deposits in offline cold wallets, maintain insurance, and develop a plan for possible hacks or system crashes. Exchanges themselves are also subject to tough penalties for fraud,…
What's Your Reaction?
