South Korea’s ruling and opposing political parties are promising citizens that they will legislate new commitments that boost the local cryptocurrency economy, in a bid to capture votes in Wednesday’s general election.

“Both the ruling and opposition parties are under the illusion that if they act in favor of crypto assets, they’ll win over younger voters. They always have been,” Lee Byung-uk, a professor of digital finance at the Seoul School of Integrated Sciences and Technologies, told The Block.

The country’s Democratic Party, the opposition party, is pledging to enable local financial institutions to launch spot crypto exchange-traded funds and allow retail investors to purchase those ETFs through accounts with tax exemptions. It also intends to expand tax benefits given to crypto …