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South Korea presidential front-runner pledges to approve Bitcoin ETFs

South Korea’s Democratic Party leader Lee Jae-myung has reportedly become the latest presidential candidate to promise the approval of spot crypto exchange-traded funds (ETFs) and other crypto-friendly measures, should he be elected.

Lee announced his crypto promises on May 6 as part of a broader initiative to provide more investment opportunities for Korea’s youth, one of the main target demographics for the fast-approaching June 3 election.

“I will create a safe investment environment so that young people can [build] assets and plan for the future,” The Korea Economic Daily (KED) quoted Lee as saying in Korean.

He also promised the legalization of spot crypto ETFs, lower transaction fees, and more consumer protection measures.

Lee’s Democratic Party of Korea is the favorite to win the presidential election with 42% support, according to a survey conducted by Korea’s National Barometer Survey between April 24 and 30. Korea’s acting president, Han Duck-soo, came in second at 13%.

This is the first time Lee has mentioned crypto as part of his presidential campaign, KED noted. 

The Democratic Party made similar promises in its 2024 general election campaign, including passing spot crypto ETF legalization. However, progress stalled, KED said.

South Korea’s People Power Party makes similar promises

South Korea’s ruling party, the People Power Party, also reportedly made crypto policy promises in late April, which included allowing spot crypto ETFs, dismantling Korea’s controversial one-exchange-one-bank rule, and establishing a regulatory framework for stablecoins.

South Korea presidential front-runner pledges to approve Bitcoin ETFs
Source: Cointelegraph

The one-exchange-one-bank rule in South Korea is a regulation that limits each crypto exchange to working with only one local bank. It is intended to prevent money laundering and strengthen transparency by ensuring that the identities of crypto investors can be verified when trading crypto.

South Korean industry officials estimate that 16 million or 31% of the country’s 51.7 million people have access to a crypto account.

Related: North Korean spy slips up, reveals ties in fake job interview

Kim Moon-soo is running as the People Power Party’s candidate — a party previously led by Yoon Suk Yeol, who was impeached after he declared martial law in December.

The controversial measure triggered a considerable fall in Bitcoin (BTC), Ether (ETH), and other cryptocurrencies. However, most coins recovered when the martial law was lifted around six hours later.

Korea’s Constitutional Court upheld the impeachment of Yoon in a unanimous 8–0 decision decision on April 4, effectively removing him from office.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

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London Stock Exchange launches blockchain platform for private funds

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London Stock Exchange launches blockchain platform for private funds

London Stock Exchange launches blockchain platform for private funds

The London Stock Exchange launched a Microsoft-powered blockchain platform for private funds, marking the first such initiative by a global exchange.

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Trump renews push to oust Fed’s Cook ahead of expected rate cut

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Trump renews push to oust Fed’s Cook ahead of expected rate cut

Trump renews push to oust Fed’s Cook ahead of expected rate cut

US President Donald Trump has appealed the district court’s block on Fed Governor Lisa Cook’s removal, but new evidence has emerged.

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Bridget Phillipson calls for party unity as she launches deputy leadership bid

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Bridget Phillipson calls for party unity as she launches deputy leadership bid

And they’re off! Bridget Phillipson was first away in her two-horse race with Lucy Powell in the Labour deputy leadership stakes.

Facing a rival who was sacked from the government nine days earlier, the education secretary said the deputy leader should be a cabinet minister, as Angela Rayner was.

Launching her campaign at The Fire Station, a trendy music and entertainment venue in Sunderland, she also vowed to turn up the heat on Nigel Farage and Reform UK.

She also repeatedly called for party unity, at a time when Labour MPs are growing increasingly mutinous over Sir Keir Starmer’s dealings with sacked Washington ambassador Lord Mandelson.

Despite Ms Phillipson winning 175 nominations from Labour MPs to Ms Powell’s 117, bookmakers StarSports this weekend made Ms Powell 4/6 favourite with Ms Phillipson at 5/4.

But though the new deputy leader will not be deputy prime minister, a title that’s gone to David Lammy, Ms Phillipson praised the way Ms Rayner combined the two roles and rejected suggestions that as a cabinet minister she would be a part-time deputy leader.

Phillipson's deputy leadership rival Lucy Powell. Pic: Reuters
Image:
Phillipson’s deputy leadership rival Lucy Powell. Pic: Reuters

“What can be achieved under a deputy leader with a seat at cabinet, just look at Angela Rayner,” Ms Phillipson told her enthusiastic supporters.

“Angela knew the importance of the role she had. There was nothing part-time about her deputy leadership.

“Last year I campaigned up and down the country to get Labour candidates elected – I’ve not stopped as education secretary – and I won’t stop as deputy leader.

“Because with local elections, and with elections in Wales and Scotland right around the corner, that role is going to be more important than ever.

“So that’s why, today, I pledge to continue Angela Rayner’s campaigning role as deputy leader.

“Continuing her mission to give members a strong voice at the cabinet table.

“Her ruthless focus on getting our candidates elected and re-elected, alongside her total determination to drive change from government. Because what mattered was not just what she believed, but that she could act on it.”

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Explainer: How does the deputy leadership contest work?

Ms Phillipson pledged to run a campaign of “hope, not grievance” and claimed the party descending into division would put the chances of children and families benefiting from Labour policies at risk.

But admitting Sir Keir Starmer’s government had made mistakes, she appealed to party members: “You can use this contest to look backward, to pass judgement on what has happened in the last year, or you can use it to shape positively what happens in the run-up to the next election.

“Back me so I can unite our party, deliver the change we want to see and beat Reform. Back me so together, we can deliver that second term of Labour government.”

Phillipson with Labour supporters at her campaign launch on Sunday. Pic: PA
Image:
Phillipson with Labour supporters at her campaign launch on Sunday. Pic: PA

Starmer’s candidate vs Manchester mayor’s

As she did in a speech at the TUC conference last week, Ms Phillipson spoke about her upbringing “from a tough street of council houses in the North East all the way to the cabinet”.

At the TUC, she said she grew up – “just me and my mam” – and told how when she was nine, a man who’d burgled the house turned up at the front door with a baseball bat and threatened her mother.

Ms Powell, who enjoys the powerful backing of Labour’s ‘King of the North’ Andy Burnham, called this weekend for a change in culture in 10 Downing Street, with better decisions and fewer unforced errors.

His backing has led to the deputy contest being seen as a battle between Sir Keir’s candidate, Ms Phillipson, and that of the Greater Manchester mayor, seen increasingly as a leadership rival to the prime minister.

And like all the best horse races, with the betting currently so tight, when the result is declared on 25 October the result could be a photo-finish.

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