South Korea’s Presidential Election Boosts Crypto Adoption and Wallet Demand
The upcoming South Korean presidential election is expected to positively impact the crypto market, with both leading candidates supporting pro-crypto policies.
- Both candidates, Lee Jae-myung (Democratic Party) and Kim Moon-soo (People Power Party), aim to expand the digital assets market.
- They propose legalizing spot crypto ETFs for better listing of digital assets on the stock market.
- Support for a won-backed stablecoin and regulatory easing to stabilize the financial system has been pledged.
- Lee advocates for allowing the national pension fund to invest in crypto assets.
According to Yonhap, 32% of South Koreans (over 16 million people) engage in crypto trading, with daily volumes surpassing major stock indices. The global crypto wallet market, valued at $11.52 billion, is projected to grow at a CAGR of 23.5%, reaching $32.8 billion by 2030.
Increased crypto adoption may boost demand for wallets globally. Best Wallet aims to capture 40% of the market by next year and has launched its own token, $BEST.
- $BEST presale has raised nearly $13 million, currently priced at $0.025115 with staking options offering 111% APY.
- The token will list on DEXs and CEXs after the presale, potentially increasing its price significantly.
Regardless of the election outcome, crypto is positioned to benefit, with significant implications for the broader market.