Odds for South Korea Crypto Reform Rise as Lee Jae-Myung Wins Presidency

A country shaken by the state of siege only six months ago, a new leader chose plans for crypto reform.

Lee Jae-Myung, the leader of the Democratic Party of South Korea, was sworn in on Wednesday as president after achieving a decisive victory in a snap election of 3 June.

With 99% of the counted voices, Lee won 49.42% to rival Kim Moon-Soo’s 41.15%, amid a historic 79.4% voter supply, the highest since 1997.

The Snap election came as a result of the accusation of former President Yoon Suk-Yeol in December for explaining the State of Inviege in a failed power that paralyzed the legislative power of the nation.

Lee, who lost NIPE to Yoon in 2022, had used that earlier campaign to experiment with NFTs who bear his image and commitments, in an attempt to make contact with younger voters.

In his last run, he expanded those ideas, promise To legalize Bitcoin exchange-related funds (ETFs) and launch a won Stablecoin to prevent capital flight.

“We have to set up a won-backed stablecoin market to prevent national wealth from leaking abroad,” he said During a policy forum May.

“With Lee Jae-Myung now chosen, the chance of seeing a place that ETF approved has increased considerably,” said Min Jung, an analyst at Presto Research, said Decrypt.

“It is somewhat ironic that South Korea of ​​the most crypto-active countries is always left behind with colleagues such as the US and Hong Kong,” Jung said.

However, Jung warned that other initiatives, such as launching a Stablecoin, “require more careful deliberation, in particular around legal frameworks, monetary policy coordination and technical implementation.”

In Q1 2025, South Korean exchanges moved $ 40.6 billion in crypto abroad, almost half in stablecoins such as USDT and USDC, which expressed concern about capital outlets that Lee’s proposed won-backed stabilecoin strives to check.

Lee’s complete inauguration will take place on July 17, Constitution Day, in a symbolic “appointment ceremony” whose office says his conviction reflects that “the people name the president.”

Apart from Crypto, Lee has promised a “pragmatic and market -oriented” economic policy that includes investments in AI, semiconductors and defense technology, according to a Yonhap News report.

He also argues for a working week of four and a half days, extensive support for small companies, tax deduction for families and extensive elderly care services.

Former President Yoon, once praised as a pro-Crypto reformer, had promised the industry in deregulation in 2022, but reached little during his term of office.

His administration Confronted pushback of the Financial Services Commission (FSC), and his term of office ended in the midst of a political crisis and a freezing of important crypto accounts.

Published by Stacy Elliott.