TechFlow news, May 7 — According to The Block, South Korean presidential candidate Lee Jae-myung has pledged to push for the approval of spot cryptocurrency exchange-traded funds (ETFs), aiming to fill the current legal gap that prohibits the issuance and trading of such products. Lee stated he will launch spot virtual asset ETFs and establish a comprehensive monitoring system to create a safer environment for virtual asset investment.
Lee Jae-myung, representing the center-left Democratic Party of Korea, said the move aims to provide younger generations with greater investment opportunities and promised additional policies supporting youth asset growth. Kim Byung-hwan, chairman of South Korea's Financial Services Commission (FSC), said during a meeting on Wednesday that the agency agrees with the campaign pledge on spot crypto ETFs and plans to discuss implementation plans with the incoming administration.
Currently leading in polls with around 50% support, Lee Jae-myung has an 87% probability of winning according to the decentralized prediction market Polymarket. South Korea’s presidential election is scheduled for June 3.
