According to Bloomberg, the crypto industry in South Korea is poised to receive governmental backing, regardless of the presidential election outcome. Both leading candidates support easing regulations due to significant public interest in this sector. The news agency reports that over 18 million South Koreans are currently engaged in cryptocurrency trading.
Representing the liberal faction, Lee Jaemin suggests permitting exchange-traded funds (ETFs) to include tokens, such as stablecoins. His conservative rival also endorses expanding crypto-asset usage.
Nevertheless, experts from the news agency say the market's expansion requires clear regulations, particularly in the aftermath of the TerraUSD collapse in 2022, which culminated in billions of dollars being lost.
Meanwhile, Bank of Korea Governor Lee Chang-Yong has voiced concerns about private entities issuing stablecoins, viewing them as a potential threat to the country's monetary policy. He believes the only organization that should be able to issue a stable national currency is the central bank.