South Korean Presidential Frontrunner Pledges to Cut Crypto Transaction Fees

Lee Jae-myung, the frontrunner in the upcoming South Korean presidential elections, has promised to cut crypto transaction fees and approve Bitcoin spot ETFs if he wins June 3’s poll.

Per the South Korean newspaper Hanguk Kyungjae , Lee made a series of pledges to younger voters while speaking at an event in North Chungcheong Province on May 6. The candidate said:

“I will create a safer environment for investment. That will help young people build up their assets and plan for the future.”

South Korean Presidential Frontrunner: I Will Legalize BTC ETFs

Lee said his government would institutionalize crypto spot ETFs. He also said that he would build an integrated monitoring system to police the crypto sector.

And Lee pledged to “reorganize the market” under his leadership. He said that he would “bring about a reduction in crypto transaction fees.”

It is unclear at this stage exactly how Lee would seek to fulfil this promise. In South Korea, crypto exchanges are currently free to set transaction fees as they see fit.

However, Lee’s government, should he win on June 3, could theoretically seek to impose a cap on exchange transaction fees.

In recent months, exchanges like Bithumb have sought to boost trading volumes by offering their clients commission-free trading for limited periods.

These promotions have proved enormously popular among South Korean traders, with Lee’s camp possibly taking note.

Candidates Courting Younger Voters?

Money Today reported that analysts think Lee is trying to win over younger voters by making manifesto pledges about “issues that are very important to young people.”

Lee has been relatively quiet on crypto-related policy matters in the lead up to June’s poll. May 6’s comments are the first time he has spoken about his crypto stance on the campaign trail.

Lee Jae-myung, candidate for the South Korean presidency, speaking at an event in a market in North Chungcheong Province on May 6. (Source: Chuncheon MBC News/Screenshot)

It is likely that his comments are a response to recent crypto pledges from Lee’s main rival in the polls, the ruling People Power Party (PPP)’s candidate Kim Moon-soon.

Earlier this month, Kim pledged to let South Korea’s state pension fund and the sovereign wealth fund make direct crypto investments .

The PPP has also rolled out seven crypto-related manifesto pledges ahead of June 3 . The party says it plans to do away with restrictive banking rules for crypto exchanges.

How Sincere Are Crypto Manifesto Pledges?

Skeptics will likely cast a cautious eye on the two candidates’ comments. Hanguk Kyungjae noted that Lee’s Democratic Party pledged to green-light crypto spot ETFs ahead of last year’s legislative elections. The newspaper wrote:

“Although the party won a landslide victory in the election, there has been no significant progress made on the matter since then.”

Lee promised to build a “society that gives opportunities to young people.” He added: “A society that neglects young people will only regress.”

Recent opinion polls put Lee around 20 percentage points ahead of Kim, with almost 50% of popular support.

The election was sparked by the recent impeachment of President Yoon Suk-yeol, who unsuccessfully attempted to declare martial law in December 2024.