Lee Jae-myung’s Presidential Aspirations
In the lead-up to the South Korean presidential election set for June 3, Lee Jae-myung, who currently holds a significant lead in the polls, has unveiled ambitious proposals aimed at attracting young voters. During an event in North Chungcheong Province on May 6, Lee outlined his commitment to reduce transaction fees associated with cryptocurrency trading and to authorize Bitcoin spot exchange-traded funds (ETFs).
Commitments to Cryptocurrency Regulation
According to the local newspaper Hanguk Kyungjae, Lee asserted that his administration would work towards establishing a regulatory framework for cryptocurrency spot ETFs while implementing a comprehensive monitoring system to oversee the country’s crypto landscape. He emphasized his intention to
“reorganize the market,”
promising to foster a decrease in transaction costs for crypto traders.
Implementation Uncertainty
The mechanisms through which Lee aims to fulfill these pledges remain somewhat vague. Currently, cryptocurrency exchanges in South Korea have the flexibility to determine their transaction fees independently. However, if elected, Lee’s administration might explore implementing limits on these fees. This potential move follows a trend where exchanges like Bithumb have temporarily eliminated trading commissions to enhance volume, a strategy that has resonated well with local traders, possibly influencing Lee’s recent commitments.
Appealing to Young Voters
Analysts have speculated that Lee’s strategic positioning may be an effort to appeal to the younger demographic, a group he recognizes as pivotal in the upcoming election. His remarks on May 6 mark the first significant insight into his views on cryptocurrency during the campaign, evidenced by a notable absence of previous commentary on the subject.
Opposition Response and Broader Context
Meanwhile, his electoral opponent Kim Moon-soon from the ruling People Power Party (PPP) has also made notable crypto-related announcements, including plans to enable state pension and sovereign wealth fund investments in cryptocurrencies. In addition, the PPP has launched seven crypto-focused pledges aiming to ease stringent banking regulations governing crypto operations.
Cautious Skepticism
Skepticism abounds regarding the authenticity and feasibility of the candidates’ promises. It’s worth noting that Lee’s Democratic Party had previously expressed intentions to advance crypto spot ETFs prior to last year’s legislative elections. He has stated,
“A society that neglects young people will only regress,”
indicating his prioritization of youth-centric policies.
Current Polling Situation
Recent polling data suggests Lee is in a strong position, leading competitor Kim by approximately 20 points with nearly half of the electorate’s support. This election follows the impeachment of former President Yoon Suk-yeol, a political shift catalyzed by Yoon’s failed attempt to impose martial law in December 2024.
