Lee Jae-myung has been elected as South Korea's new president, winning against Kim Moon-soo with a margin of nearly three million votes. His victory brings a pro-crypto stance to the forefront, with commitments to support the nation's substantial crypto community of 15 million investors.
Key promises made by Lee include the legalization of spot cryptocurrency exchange-traded funds (ETFs) and enabling institutional investments from entities such as the National Pension Fund into specific digital assets. His advocacy for the development of a won-based stablecoin market aims to retain national wealth and prevent capital outflow.
The election follows significant regulatory developments in South Korea's crypto landscape over the past two years, including new regulations for digital assets defined by the Virtual Asset User Protection Act. This legislation outlines digital asset definitions and penalties for unfair practices, while granting the Financial Services Commission oversight over service providers.
As Lee takes office, South Korea's proactive regulatory approach might enhance investor confidence and stimulate further engagement in the crypto market. With countries across Asia intensifying their efforts to adapt to the burgeoning crypto market, Lee's policies could position South Korea at the forefront of the industry.
Key promises made by Lee include the legalization of spot cryptocurrency exchange-traded funds (ETFs) and enabling institutional investments from entities such as the National Pension Fund into specific digital assets. His advocacy for the development of a won-based stablecoin market aims to retain national wealth and prevent capital outflow.
The election follows significant regulatory developments in South Korea's crypto landscape over the past two years, including new regulations for digital assets defined by the Virtual Asset User Protection Act. This legislation outlines digital asset definitions and penalties for unfair practices, while granting the Financial Services Commission oversight over service providers.
As Lee takes office, South Korea's proactive regulatory approach might enhance investor confidence and stimulate further engagement in the crypto market. With countries across Asia intensifying their efforts to adapt to the burgeoning crypto market, Lee's policies could position South Korea at the forefront of the industry.
