South Korea's presidential race is turning towards cryptocurrency, with former labour minister Kim Moon-soo as the People Power Party's candidate for the 3 June election. Reports say 16.3 million South Koreans own crypto assets, based on linked wallets and bank accounts as of February 2025.

Crypto is expected to be a major issue in the election, with both leading parties pledging policies to boost the sector.

Kim's recent proposal to allow government bodies like the National Pension Service (NPS) and the Korea Investment Corporation (KIC) to invest in virtual assets has attracted attention.

He believes that integrating crypto into the national economy will enhance the market's reputation and stability, especially for younger investors.

Additionally, Kim expressed his commitment to institutionalising the crypto industry to prevent financial losses for inexperienced traders.

Both the People Power Party and the opposition Democratic Party have laid out crypto-focused plans. While many in the crypto industry are encouraged by these policies, there remains scepticism over whether past promises will be fulfilled.

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