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South Korea Crypto Scene Is About To Pop Regardless Who Wins the Election
Crypto

South Korea Crypto Scene Is About To Pop Regardless Who Wins the Election

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Crypto is not only an asset in South Korea; it’s a lifestyle. With over 18 million folks buying and selling digital property, volumes surpass these of the nation’s two main inventory markets, the Kospi and Kosdaq. Crypto has turn into a political power.

And with South Korea standing in entrance of election week, there’s one assured winner – crypto.

Election End result? Doesn’t Matter, Crypto Wins Both Means

Each presidential candidates, liberal Lee Jae-myung and conservative Kim Moon-soo, have gone full pro-crypto with their election insurance policies. We’re speaking about much less regulation and extra entry, and even proposing to legalize spot crypto ETFs.

At present, South Koreans are holding over $74.5 billion in crypto. Which, by any measure it’s not a small market.

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It looks like they’re combating over who will supply a greater crypto coverage. Lee’s calling for the nation’s $884 billion pension fund to get crypto publicity. Sick.

Think about what that is going to do to crypto. ETFs backed up by public funds. That is most undoubtedly a bull market gas. What makes issues even weirder is his opposition helps that too.

Bipartisan pro-crypto vibes are one thing remarkable.

All this arrange South Korea’s crypto publicity to be one of many largest on the earth. Nevertheless, not all the things is pink between the candidates and the crypto house.

The Stablecoin Drama

Not each proposal receives love. Lee’s proposal for a won-pegged stablecoin is his plan to modernize finance in South Korea and cease capital bleeding out by way of USDT and USDC.

This is sensible when realizing that solely within the first quarter of 2025, 56.81 trillion Received left Korean exchanges. Half of these have been by dollar-backed stablecoins.

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In the meantime Financial institution of Korea didn’t like this plan. Governor Rhee Chang-yong believes central banks and never third events ought to make stablecoin issuance. In his eyes, this could simply wreck financial coverage.

That simply seems to be like a classical TradFi vs DeFi second we’ve been seeing within the U.S.

Trump, Stablecoins, and Asia Response

On the opposite aspect, Trump’s already laying down the paperwork for US greenback stablecoin dominance and even calling them instruments for defending America’s international edge.

With that stress, Asian lawmakers are responding quick, and South Korea’s making an attempt to not get left behind on this crypto thug of conflict.

Whereas the Digital Asset Consumer Safety Act took impact in July 2024, issues are nonetheless tense. That legislation launched strict trade oversight and even life sentences for crypto fraud.

Exchanges now want to guard customers’ funds, have insurance-level safety, and be able to compensate customers if a hack happens.

As typical, Koreans aren’t enjoying round, particularly after the $40 billion implosion of TerraUSD. Let’s not overlook about Do Kwon, who was South Korean, and shortly he’ll stand trial within the US for fraud.

General, South Korea is changing into a crypto powerhouse. Approaching with warning but additionally calculated, Korea will certainly win extra crypto lovers.

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Key Takeaways


  • South Korea’s $884 billion pension fund is about to enter crypto.
  • Korea’s presidential candidates are pro-crypto.
  • How Asia responds to Trump?

    • The put up South Korea Crypto Scene Is About To Pop Regardless Who Wins the Election appeared first on 99Bitcoins.

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