South Korea Elects Crypto-Friendly Lee Jae-myung as New President

During the predetermination Lee Jae-myung made a big of crypto promises to entreaty to the nation's 15 cardinal crypto investors.

Jun 4, 2025, 6:33 p.m.

Crypto-friendly Lee Jae-myung was elected arsenic South Korea's caller president connected Wednesday, defeating the incumbent Conservative Party's person Kim Moon-soo.

During the predetermination Lee made a fig of promises to South Korea's crypto industry, appealing to the nation's 15 cardinal crypto investors. These included legalizing spot cryptocurrency exchange-traded funds and allowing organization investors similar the National Pension Fund to marque investments into definite cryptocurrencies and products, section media outlet The Korea Herald said successful May.

Lee besides said the state should enactment a won-based stablecoin marketplace "to forestall nationalist wealthiness from leaking overseas," during a argumentation treatment with YouTube creators, The Korea Herald reported.

The Democratic Party of Korea's Lee won against Kim from the People Power Party, its absorption party, by astir 3 cardinal votes successful the drawback election. There were much than 17 cardinal votes successful full and Lee secured 49.4% of them, information from South Korea's National Election Commission showed.

South Korea has established caller regulations for crypto companies implicit the past 2 years. Its National Assembly passed authorities for digital assets successful 2023. The Virtual Asset User Protection Act defined what integer assets were and acceptable penalties for unfair transactions. It besides gave the Financial Services Commission authorization to oversee work providers. The federation besides published guidelines for regulating information tokens astir a akin time.

Now South Korea has started letting non-profits and exchanges merchantability crypto nether caller rules nether the Financial Services Commission.

Countries and leaders successful Asia — similar successful Pakistan and Hong Kong — person been pushing for much crypto measures arsenic the assemblage has jumped to scope its existent $3.4 trillion marketplace cap and crypto has go much mainstream.