With the South Koreans going to the polls in the April 10 elections, there is a growing feeling that the crypto market could play a part in the fate of the candidates. The role of digital assets has been more crucial in this election compared to the last. According to analysts, it could be the time for young people to cause an upset in South Korea, which boasts a population of about 52 million people.
Analysts discuss the impact of crypto in South Korea’s elections
The crypto community, consisting of majorly the young population, has been through a lot in the crypto ecosystem. Aside from the loss influenced by the fall of Do Kwon’s Terra, there have been bits of confusion in crypto regulations in the country. However, this upcoming election may signal a way forward with the respective crypto-related promises made by the candidates acting as a trigger for them to take to the polls.
The South Korean election, scheduled for April 10, will see multiple parties contest for the 300 seats in the national assembly. However, there is a consensus that two parties will be capturing the majority of the seats in South Korea’s legislature. The People Power Party (PPP) which fielded the current president Yoon Suk Yeol and the Democratic Party of Korea (DPK) will be looking to increase their tally of 114 and 156 seats respectively.
Impact of crypto promises on voter participation
In the 2020 election, the DPK won the most seats, with crypto having a small impact on the election. However, there is a belief that young voters interested in crypto could have a say on what happens at the polls. Analysts have also noted that it is unlikely that any party will win easily due to the spread in the number of voters across ages. The head of legal at Hashed Jin Kang believes that crypto could well be a deciding factor in the election. He pointed out that in the 2022 presidential election, the impact of the younger voters in their 20s and 30s was felt.
More so, he believes that it will be the case in this election. However, Kang notes that it is unsure if the younger crypto-savvy voters would want to pool their votes in one party. On his part, BitGo’s Asia-Pacific director Abel Seow believes that it will be hard to forecast crypto swinging the results of the election. However, he notes that the market is gaining momentum and will continue to expand with each passing election cycle.
There have also been many promises concerning the crypto industry and access to specific products in the market. In the presidential election of 2022, the current president pledged to cut taxes for crypto gains and approve Initial Coin Offerings (ICOs). However, it is unclear whether the crypto promises were decisive in his victory. He has since faced a roadblock in allowing ICOs and there has been so much back and forth concerning crypto taxes in the country.
