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In his pro-crypto platform, a prominent candidate for South Korea's next presidential election has called for deregulation and the acceptance of Bitcoin exchange-traded funds (ETFs). In an interview on March 9, Han Dong-hoon, the former head of the ruling People Power Party (PPP), emphasized the importance of South Korea adopting cryptocurrency innovation, according to a report by EToday. Han, who played a pivotal role in countering President Yoon Suk-yeol’s controversial declaration of martial law last December, stated: “Cryptocurrency regulations should be relaxed. South Korea should be at the center of crypto innovation.” Crypto as a Political Battleground Observers suggest Han’s crypto-friendly policies aim to attract South Korea’s younger demographic, many of whom are active in digital asset investment. With impeachment proceedings against President Yoon still underway, the nation is expected to hold a presidential election later this year. However, neither the PPP nor the opposition Democratic Party (DP) has formally nominated a candidate, as legal disputes persist. Despite this uncertainty, Han is widely seen as a frontrunner for the PPP nomination, potentially facing DP leader Lee Jae-myung in the election. Han emphasized the importance of institutional crypto adoption, advocating for easing regulations on Bitcoin spot ETFs. He argued: “Introducing Bitcoin ETFs would encourage institutional adoption. Companies should be allowed to purchase cryptocurrency. Policies must be pragmatic and serve national interests.” Digital Literacy and South Korea’s Crypto Potential Han underscored South Korea’s high digital literacy as a key factor in the rapid growth of the nation’s cryptocurrency sector. He noted: “What makes cryptocurrencies attractive is their decentralized nature. Even if governments want to regulate them, doing so is inherently difficult.” As a staunch opponent of premature crypto taxation, Han highlighted his role in the National Assembly’s decision to delay the implementation of a cryptocurrency tax originally set for January 1, 2025. He explained: “I strongly opposed the crypto tax, and public pressure ultimately forced the DP to support its delay.” Han’s Crypto Advocacy and Concerns About Regulation Recalling his tenure as Attorney-General, Han criticized past attempts by lawmakers to force the Department of Justice to disclose a list of cryptocurrency investors. Calling the request “absurd,” he argued that many of those advocating for strict regulations lacked a fundamental understanding of the industry. “Over-regulating cryptocurrency undermines South Korea’s digital literacy, which is one of our greatest assets. If we mismanage this sector, we risk capital outflows and losing our chance to become a global leader in crypto innovation.” As South Korea grapples with the future of cryptocurrency regulation, Han’s stance is likely to fuel further debate—both in political circles and among the nation’s increasingly crypto-savvy electorate.

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