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Winning over young voters with crypto-friendly policies has become a proven political strategy, and Donald Trump’s successful playbook has not gone unnoticed. As South Korea gears up for a crucial presidential election, the ruling People Power Party (PPP) is taking a page from Trump’s book, positioning itself as the champion of digital innovation.
Let’s dive into the evolving landscape.
South Korea’s Presidential Election: The Battle Lines
South Korea, a major Asian economic hub, is preparing for a high-stakes presidential election. The contest is primarily between the ruling People Power Party (PPP) and the opposition Democratic Party (DP).
According to recent polls, the Democratic Party currently leads with 47% support, while the PPP trails at 35%. In a bid to close the gap, the PPP is banking heavily on crypto reforms to win back disenchanted voters.
PPP’s Bold Crypto Agenda: Major Promises for 2025
At the heart of the PPP’s campaign is a direct appeal to the country’s growing crypto community. The party has promised to abolish the controversial law that requires crypto exchanges to form exclusive partnerships with local banks—a regulation that has stifled competition and forced many smaller exchanges to shut down or limit their services.
But the promises don’t stop there. The PPP’s 2025 agenda outlines several major crypto initiatives, including:
Launching corporate crypto trading platforms before the end of 2024.
Establishing a Virtual Asset Special Committee to oversee sector development.
Approving spot crypto ETFs by the end of 2025.
Introducing Security Token Offering (STO) legislation.
Creating a stablecoin regulatory framework aligned with global standards.
Clarifying crypto tax regulations to foster greater transparency.
By aggressively targeting regulatory barriers, the PPP aims to position South Korea as a global leader in digital assets.
Where the Democratic Party Stands
While the Democratic Party hasn’t made sweeping crypto promises, it maintains a generally pro-crypto stance. Some leaders have floated the idea of establishing a national Bitcoin reserve, and the party has signaled its intention to reform South Korea’s existing crypto regulations.
However, their messaging is notably less aggressive compared to the PPP’s bold reform proposals.
Why Crypto Matters: The Battle for Young Voters
Both major parties recognize the political power of younger voters, many of whom see cryptocurrencies as symbols of financial freedom and technological innovation. By embracing crypto narratives, South Korea’s political forces hope to win over a generation that could ultimately decide the fate of the 2025 election.