Crypto-friendly Lee Jae-Myung was elected as South Korea’s new president on Wednesday and defeated the current Conservative Party leader Kim Moon Soo.
During the election, Lee gave Lee a number of promises to South Korea’s crypto industry and appealed to the country’s 15 million cryptoinvestors. These included legalization of spot cryptocurrency exchange-traded funds and allow institutional investors such as National Pension Fund to make investments in certain cryptocurrencies and products, said local media offerings, as Korea Herald said in May.
Lee also said the country should support a won-based stableecoin market “to prevent national wealth from leaking abroad”, during a political discussion with YouTube creators, Korea Herald reported.
The Democratic Party of Koreas Lee won against Kim from the People Power Party, its opposition party, with almost three million votes in the Snap election. There were a total of more than 17 million votes, and Lee secured 49.4% of them, data from South Korea’s National Election Commission shows.
South Korea has created new rules for cryptic companies in the last two years. Its National Assembly adopted legislation for digital assets in 2023. It also provided the Financial Services Commission authority to supervise service providers. The nation also published guidelines for regulating the security tokens around a similar time.
Now South Korea has begun to allow non-profit and exchanges to sell crypto according to new rules under the Financial Services Commission.
Countries and leaders in Asia – as in Pakistan and Hong Kong – have been pushing for more crypto measures as the sector has jumped to reach its current market capital of $ 3.4 trillion and crypto has become more mainstream.
