BlockBeats News, May 7th, according to TheBlock, Lee Jae-myung, the presidential candidate of South Korea's largest opposition party, the Democratic Party of Korea, posted on Facebook on May 6th, promising that if elected, he would push for the approval of a cryptocurrency spot ETF and establish a comprehensive regulatory system to safeguard digital asset investment security. Lee Jae-myung stated that this move would create more opportunities for South Korea's younger generation, while also proposing a new type of interest-bearing savings plan and a youth financial planning project. Lee Jae-myung's competitor, conservative party candidate Yoon Seok-youl, likewise promised to lift the ban on crypto ETFs. If the policy is implemented, South Korea could become the first major economy in Asia to approve a cryptocurrency spot ETF.

The Financial Services Commission of Korea (FSC) currently prohibits the domestic issuance or trading of cryptocurrency spot ETFs, citing a lack of legal basis for cryptocurrencies like Bitcoin as underlying assets for ETFs. FSC Chairman Eun Sung-soo stated on May 7th that he agrees with the presidential candidate's ETF policy direction and promised to discuss implementation plans with the new government. Currently, Lee Jae-myung leads with about a 50% approval rating, and his victory probability is shown as 87% on Polymarket. The presidential election is scheduled for June 3rd and is a special election following the impeachment of former President Park Geun-hye.