South Korean Presidential Hopeful Han Calls for Bitcoin ETF Approval, Crypto Deregulation
A leading potential candidate in the forthcoming South Korean presidential elections has outlined his crypto policies, stating that the nation should deregulate crypto and approve Bitcoin ETFs.
The media outlet EToday reported that Han Dong-hoon, the former People Power Party (PPP) leader and a key figure at the heart of the move to reverse President Yoon Suk-yeol’s declaration of martial law in December last year, made the comments during an interview on March 9.
“Cryptocurrency regulations should be relaxed,” Han said. “South Korea should be at the center [of crypto innovation].”
South Korean Bitcoin ETF Approval: A Hot Political Topic
Media outlets claim Han is trying to appeal to the nation’s youth with a raft of pro-crypto policies.
The Former People Power Party leader Han Dong-hoon. (Source: MBN News/YouTube/Screenshot)South Korea is highly likely to go to the polls to choose a new President sometime this year as courts continue impeachment proceedings against Yoon.
Neither the PPP nor the opposition Democratic Party can yet nominate a candidate, as legal battles continue.
However, most observers believe Han is one of the frontrunners for the PPP nomination, and that he could potentially square off against DP leader Lee Jae-myung in a poll later this year.
Han added that crypto was “not something that governments can avoid just because they don’t want to deal with it.” He said:
“We need to ease many [crypto-related] regulations, such as those on [Bitcoin] spot ETFs. […] Introducing [Bitcoin] ETFs would also have some effect on institutional adoption. I believe corporations should also be allowed to purchase [crypto]. Policies should be implemented with a focus on national interest and practicality.”
Bitcoin Adoption: Digital Literacy ‘High’ in S Korean Circles
Han added that South Koreans’ “strong digital literacy” had spurred a high rate of growth in the crypto sector.”
“What makes cryptocurrencies attractive is that there is no central authority controlling them. Even if governments wanted to regulate them, it would be difficult for them to do so.”
Former People Power Party leader Han Dong-hoonAnd he claimed that if Seoul wants to help boost the nation’s crypto capabilities, the nation would benefit from “not regulating” the sector.
Han also pointed out his crypto credentials, taking credit for the National Assembly’s decision last year to delay the launch of crypto tax for two years. He said:
“I strongly opposed [the launch of crypto tax on January 1, 2025]. And eventually, under the pressure of public opinion, the DP also decided to vote in favor of the delay.”
Han Talks up His Crypto Cred
Han further recounted that while he was serving as the nation’s Attorney-General, “lawmakers were demanding that the Department of Justice publish a list of citizens who had invested in cryptocurrencies.”
The lawmakers’ demand, he claimed, “was absurd.” He added that “the people who made these demands were people who had no understanding of cryptocurrencies at all.” Han added:
“What surprised me most was the fact that nobody [in the Department of Justice] had invested in [crypto]. The Department of Justice must foster the market without harming it by developing a high level of understanding. But I was worried about whether the department actually understood [crypto] at all.”
Trading volumes on the South Korean market-leading Upbit crypto exchange over the past 12 months. (Source: CoinGecko)He opined that over-regulating cryptocurrency was “pushing out the power of digital literacy, which is a true treasure of this country.”
“South Korea should become a cryptocurrency-centric country. People who want to regulate [crypto] do not understand the essence of cryptocurrency. If [regulations are] incorrectly prepared, it could cause capital outflow, with money leaving the country. [We must not] miss our chance to seize the global leadership [of the crypto sector].”
HanPolitical Football
Skeptics will point to the fact that politicians have repeatedly used crypto, crypto tax, and Bitcoin ETF approval policy as a political football in recent years.
In the run-up to recent polls, candidates have accused one another of crypto-related corruption.
And the DP and the PPP have tried to outdo one another with ambitious pro-crypto manifesto pledges.
In some cases, critics have argued that many of these pledges amount to calculated and opportunistic attempts to court younger voters.
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