Lee Jae-myung, "Lower Cryptocurrency Transaction Fees And Allow Spot ETF" Aimed At 16 Million Coin Holders

Presidential Candidate Lee Jae-myung Targeting 16 Million Crypto Enthusiasts (Source: Hankook Ilbo)

Presidential candidate Lee Jae-myung of the Democratic Party announced his plans to revitalize the cryptocurrency market on Facebook on the 6th. He stated, “I will encourage a reduction in cryptocurrency transaction fees” and revealed plans to “introduce a cryptocurrency spot ETF and establish an integrated monitoring system to create a secure cryptocurrency environment.” As of the end of November last year, domestic cryptocurrency investors numbered 15.59 million, nearing 30% of the total population. Lee Jae-myung's camp believes this large voter base is dissatisfied with high transaction fees and limited investment options.

Currently, the fee rate of major won currency exchanges ranges from 0.05% to 0.2%, surpassing the average stock trading fee rate of about 0.015%. The Democratic Party has been considering ways to lower it to the same level as stocks since February this year. The introduction of a spot ETF has also been a long-standing demand of the market. Although a Bitcoin spot ETF was approved in the United States in January 2024, domestic financial authorities still do not allow the same product due to the Capital Markets Act. Attention is focused on whether Lee Jae-myung's announcement to ease regulations will sway cryptocurrency investors' votes.