While South Korea is preparing for its Pivot presidential election on June 3, 2025, the cryptocurrency became an unexpected manufacturer of kings in the campaign, the two main candidates making daring promises to transform the landscape of digital assets in the country.
The election, triggered by the indictment of former president Yoon Suk-Yeol, crystallized around two main contenders who are in competition to attract the attention of the massive cryptographic community of South Korea. Lee Jae-Myung, of the Democratic Party of the opposition, leads in polls against Kim Moon-Soo of the Power of Power of the Conservative People Government, Lee holding a clear advantage before the last day of the campaign.
A crypto nation goes to the polls
The embrace of digital assets by South Korea was nothing less than remarkable. With around 16 million citizens – around a third of the entire population – actively exchanging cryptocurrencies, the country has established itself as one of the most dynamic cryptographic markets in the world. The magnitude of this commitment is enormous: the negotiation volumes on the main South Korean scholarships have sometimes exceeded those of the traditional stock market in the country.
The economic importance of this digital revolution cannot be overestimated. According to data from Bank of Korea, the South Koreans held $ 74.5 billion in cryptographic assets by the end of 2024, representing a substantial part of the wealth of the country. However, recent regulatory pressures have wreaked havoc, with Upbit, the dominant exchange of the country, seeing volumes drop by 34% to T1 2025 compared to the previous quarter.
Candidates run to kiss digital assets
The two frontrunners unveiled complete platforms of crypto which could fundamentally collect the financial sector in South Korea.
Lee Jae-Myung, The Democratic Party candidate has proposed the Most Ambitious Crypto Reform Agenda, Including Legalizing Spot Cryptocurrency Exchange-Traded Funds (ETFs), Allowing the Country’s Massive $ 884 Billion National Pension to Invest in Digital Asset Won-Backed Stablecoins, and streamline Regulations to take capital Flight
Conservative candidate Kim Moon-Soo has also engaged in significant deregulation, promising to expand access to digital assets and reduce the regulatory barriers that have forced industry growth.
The two candidates have specifically committed to legalizing and promoting punctual cryptocurrency ETF, signaling a major change in the country’s financial policy landscape.
Timing is everything
The Crypto Focus is at a critical time for the South Korea digital asset industry. Korea Exchange revealed earlier this year that they explored the cryptographic ETF in 2025 following the global demand for such products, while the country should allow the trade in institutional cryptography by the third quarter of 2025.
Pressure for stables supported by Won responds to an increasing concern about capital outings. Stablecoin flows represented 47% of crypto transfers abroad in T1 in South Korea, highlighting the regulatory gaps that the two candidates aim to fill through national alternatives.
The election of South Korea occurs in a context of the global adoption of cryptography and regulatory clarity. The candidates’ promises reflect recognition that digital assets have passed margins in the dominant business of financial markets.
The capacity of the candidate winning to keep his crypto promises could determine if South Korea maintains its position as a global crypto center or loses ground against jurisdictions more suited to regulations.
