Michaela
South Korean presidential candidates have expressed a desire to strengthen cryptocurrency policies, with plans that include introducing a won-backed stablecoin to help position digital assets as a key driver of future economic growth and bridge digital finance with traditional markets.
According to a report by The Korea Herald, Democratic Party of Korea presidential candidate Lee Jae-myung, who is currently leading in the polls, proposed the development of a won-backed stablecoin market. Lee frames this initiative as a strategic measure to curb capital outflows and strengthen the domestic digital finance ecosystem.
“We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas,” Lee stated in a recent policy discussion.
Lee has emphasized the potential of a won-backed stablecoin as a means to strengthen South Korea’s financial resilience. By reducing dependence on foreign currencies and keeping economic value within national borders, he argues such a move could enhance monetary stability. Currently, South Korea bans the issuance of homegrown stablecoins, leaving the local market reliant on foreign-issued assets like USDT and USDC.
Furthermore, Lee and People Power Party candidate Kim Moon-soo have both committed to advancing the legalization and adoption of spot cryptocurrency exchange-traded funds (ETFs). Their proposals would enable digital assets like Bitcoin (BTC) to be listed and traded on South Korea’s domestic stock exchanges.
Lee is reportedly aiming to implement an integrated monitoring framework and reduce transaction fees to make cryptocurrency markets more transparent and accessible. His platform emphasizes the importance of incorporating digital assets into diversified investment portfolios, arguing that doing so can serve as an effective strategy for managing the distinctive volatility associated with the crypto market.
The Democratic Party of Korea’s presidential candidate has also proposed allowing institutional investors, including the National Pension Fund, to make direct investments in digital assets—provided certain value stability conditions are met.
The support from both presidential candidates significantly raises the chances of regulatory progress in South Korea’s crypto landscape. If approved, the introduction of crypto ETFs would enable retail investors to gain exposure to digital assets through regulated channels—offering a more accessible alternative to direct cryptocurrency ownership, which often involves complex custody and security considerations.
Read More
- Crypto Apps Pulled from Apple Store in South Korea Crackdown
- Upbit and Bithumb to Pay $2.4M for Crypto Outages During South Korean Martial Law
- Yoon Suk Yeol in Legal Crosshairs as South Korea Issues Arrest Warrant
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
