South Korea’s cryptocurrency industry is poised for a major breakthrough as both presidential candidates in the June 3 snap election support pro-crypto policies. Whether center-left Democratic Party candidate Lee Jae-myung or conservative People Power Party nominee Kim Moon-soo wins, the country’s digital asset sector is expected to benefit.

The special election was triggered by the impeachment of outgoing President Yoon Suk Yeol, who faced backlash after attempting to impose martial law. Currently leading the polls is Lee Jae-myung, favored by 49% of voters, according to Gallup Korea. His opponent, Kim Moon-soo, is polling at 36%.

Lee’s platform includes legalizing spot crypto ETFs and allowing South Korea’s $884 billion national pension fund to invest in cryptocurrencies. He also plans to expand the issuance of a South Korean won-backed stablecoin to modernize the economy and prevent capital flight. Additionally, Lee supports loosening regulations that currently force exchanges to partner with licensed banks to offer fiat services.

Surprisingly, Kim backs many of the same reforms, including ETF legalization and crypto adoption incentives, signaling rare bipartisan support for blockchain innovation. This unified stance has excited the industry. Simon Seojoon Kim, CEO of Hashed Ventures, told Bloomberg that crypto investors are “guaranteed a win” no matter the result.

Regulatory urgency is also at play. In May, the Financial Services Commission introduced sweeping reforms to tighten compliance, including tougher listing rules and crypto fundraising restrictions. Meanwhile, the Democratic Party formed a Digital Asset Committee to further support industry development.

With daily crypto trading volumes sometimes surpassing stock exchanges and over 16 million users nationwide, South Korea is cementing its position as a global crypto powerhouse—and the next administration is set to supercharge that growth.