- New president of South Korea Lee Jae-myung is sparking hopes for crypto proponents in the country
- Lee announced plans to launch local spot crypto ETF products
- A local currency-pegged stablecoin launch is also in talks
South Korea has finally elected a pro-crypto candidate, Lee Jae-myung, as the president of the country. With a majority of the votes and support from crypto proponents, Lee is the new president of South Korea. He is poised to bring some major changes to the present crypto landscape and build a strong foundation for it in the country.
For the first time in the last 28 years, South Korea witnessed a maximum percentage of voter turnout on Tuesday. While the total voter turnout is 79.4%, the left-wing party’s Lee received a majority, 49.42%, of votes. One of the major drivers behind Lee’s election is his determination to develop crypto adoption in the country.
Lee to Drive Crypto Adoption in South Korea
Lee promised the citizens to address some immediate economic issues in the country. However, his determination to accelerate crypto adoption and regulation in the country is the new focus.
Lee promised to launch local spot crypto exchange-traded fund products. There have been several talks regarding the issue ever since spot crypto ETF products became a hit in the US. However, Lee seems to be more keen on implementing them compared to the previous government.
Another noteworthy promise of Lee is to approve the Korean won-pegged stablecoin. He believes it is important to have a won-based stablecoin in the country to prevent domestic capital from moving out of the country. Local media outlet BlockMedia has also confirmed the crypto plans in the country after Lee’s election. It further said,
“Significant regulatory hurdles remain, as current laws do not classify crypto assets as financial instruments. Ultimately, the success of Lee’s crypto agenda depends on legal clarity and a broader shift in the government’s regulatory stance on digital assets.”
The country has previously started to witness progress in establishing a digital asset regulatory framework. But there is still some work left, which is expected to be completed under Lee’s presidency. This framework will push stablecoin regulation and make it mandatory for exchange platforms to be transparent.
However, the country is all set to embrace cryptocurrencies, irrespective of the election outcome. This is because the country has witnessed a rare bipartisan alignment when it comes to crypto regulation and adoption. Being one of the largest crypto markets with over 9.7 million crypto users in the country, it is only a matter of time before the government establishes a clear regulatory framework.
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