South Korea's April 10 Election: Crypto Takes Center Stage


April 9, 2024 Seoul, South Korea - Cryptocurrencies have become a major talking point in South Korea's upcoming legislative elections on April 10, with both major parties making significant promises to attract the support of crypto-savvy voters.

Crypto's Growing Influence

In the 2022 presidential election, crypto policies were a key factor, particularly among young voters. With over 280,000 crypto investors in South Korea and a tight race predicted, crypto could play a decisive role once again.

Key Crypto Promises

Democratic Party of Korea (DPK)

  • Allow investors to purchase spot bitcoin (BTC) exchange-traded funds (ETFs)
  • Maintain the start of crypto taxation in 2025
  • Impose a 22% tax on crypto asset gains exceeding 50 million Korean won ($37,316)

People Power Party (PPP)

  • Explore ways to allow ETFs
  • Prioritize a regulatory framework before taxation
  • Establish a 'digital asset promotion committee' to propose laws and impose sanctions

Taxation Debate

Both parties have addressed crypto taxation, with the PPP prioritizing regulatory frameworks and the DPK proposing a 22% tax on crypto asset gains exceeding 50 million Korean won ($37,316). The PPP has said it would effectively delay a crypto gains tax scheduled to be implemented in January 2025.

Institutional Support

The PPP has also promised to establish a 'digital asset promotion committee' to support institutional adoption of crypto. This committee would be responsible for proposing laws and imposing sanctions related to digital assets.

Global Impact

South Korea's election is part of a series of upcoming global elections that will influence crypto policy-making. However, the U.S. presidential elections are expected to have a major impact on crypto regulation worldwide.

As South Korea heads to the polls, crypto has emerged as a key issue for both voters and political parties. The outcome of the election could shape the future of crypto regulation and adoption in South Korea and beyond.

Additional Insights:

  • Crypto-friendly policies could boost South Korea's economy and attract foreign investment.
  • The DPK's ETF proposal could provide a safe and regulated way for investors to access cryptocurrencies.
  • The PPP's focus on regulatory frameworks could provide clarity and stability for the crypto industry.
  • The election results will be closely watched by crypto enthusiasts around the world.


The increasing prominence of crypto in South Korea's political discourse reflects the growing importance of digital assets in the global economy. The outcome of the election could have a significant impact on the development of the crypto industry in South Korea and beyond.

News | CMO Intern