President Lee Jae-Myung’s rise to South Korea’s highest office marks the return of a left population with deep roots working and brave plans for the integration of institutional crypto.
Although the crypto is not mentioned directly to Lee’s Speaking of inauguration On June 4 after the impeachment of his predecessorYoon Suk Yeol, Lee now leads the country with a list of crypto promises made in his campaign.
His administration is expected to accelerate the integration of digital assets into the Korean regulations and financial systems behind the Democratic Party’s Digital Asset Committee.
Lee’s rise from a teenage worker to a teenager to a human rights lawyer is shaping his reputation as a reformist. After the narrow loss of the election in 2022, in which he campaigned for the universal major income, he returned with the revised promises dedicated to a “basic society,” promoting shorter work weeks and targets basic revenue.
Despite his success, Lee began his term under the shadow of ongoing controversies, including real estate scandals, which allegedly illegal funds in North Korea and a 2024 stabbing he survived.
President Lee supports crypto for big money
Lee is expected to guard major crypto policy changes in South Korea, including the likely enactment of the Digital Asset Basic Act (DABA). The development began under Yoon, who was campaigning for it but could not be seen in the fruit because of his premature dismissal.
Recently, the Democratic Party formed A Committee of Digital Asset Lawmaker Min Byoung-Dug led, aimed at passing Daba through this year’s National Assembly. Min told a recent local media interview That the bill will suggest a legal recognized body of self-regulation, a Stablecoin approval system and clearer policies for crypto service providers.
Lee also won Spot Crypto Exchange-Traded Funds (ETF)which is currently banned under existing law, and allows the National Pension Service to invest in digital assets. Regulation Crypto ETF discussions has warmed up before the election, and the financial service commission has Launched a phased approach To bring investors to the crypto institution. His main election rival, Kim Moon-soo, supports both initiatives.
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What did Lee’s crypto policies set is his proposal Launch a won-based stablecoin. A sticky stablecoin can spark painful memories for investors in South Korea to bet on a failure of homegrown multibillion-dollar: the Terra project and its algorithmic stablecoins. Lee’s stablecoin contrasts with Terra as she proposes a centralized, supported by FIAT in accordance with global regulations.
The head of the digital asset committee min said the change should come from the private sector. He mentioned an example of the establishment of winners based on Stablecoins in Southeast Asia by snatching K-culture: South Korea content such as K-Pop and K-Dramas.
Lee has expressed support for small and medium -sized businesses and startups, consistent with his underdog narrative. He also promotes the revisions of “an exchange, a bank” rule, resulting in a Monopolistic environment for domestic crypto exchanges.
President Lee’s diplomacy and plan for North Korea
One of the major issues that South Korean voters weigh when choosing a president is their stance in North Korea. Lee pushed to open communication channels for dialogue and peace talks in the north.
Pyongyang is a disturbing player in the global crypto space. It is linked to Biggest cryptocurrency heist in historyand the hackers sponsored by its state have been reported derived as freelancers and job applicants in I -infiltrate crypto companies – All in It is said to be funding its weapon program.
Former President Yoon, a conservative, adopted a hardline approach to the north, reversing many of the diplomatic caught under his predecessor Moon Jae-in, which led from 2017 to 2022.
Lee emphasized maintaining strong ties with the US and Japan while looking for better relationships with China. Yoon’s administration is widely viewed as having isolated Beijing. Meanwhile, Lee’s calls for “balanced diplomacy” have drawn the mixture -all reactions -which some see as pragmatic, of others as a potential flow from the traditional alliance west of South Korea.
Following Lee’s success, Chinese president Xi Jinping Swear to strengthen relationships between the two countries.
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Lee is under a microscope to maintain his commitment to avoiding politics. Yoon’s controversial declaration of Martial Law before his impeachment was shocked by the international community. It marked the second impeachment of the South Korean president for less than a decade.
In response, Lee has promised to strengthen democratic institutions and avoid future abuses. His reform measures include the separation of investigation and prosecutorial powers and amended the Constitution to allow presidents to deliver two four -year term instead of a single five -year term.
The ongoing legal barriers of the president
Lee Rose as a population of the population and set up support by positioning himself against Korean elites and embracing rhetoric working in the class. His combination of style, especially online, won the disaffected voters but drew fuel criticism of a toxic political climate and promoted the conspiracy thinking.
The same polarizing approach followed him to the court’s room. Lee’s political increase is that of a series of legal battles, with five main cases.
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Infringement of election law: The Supreme Court ruled that Lee made false statements during his 2022 President’s campaign. The case was remanded in the Seoul High Court, with a remand trial scheduled for June 18.
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Corruption charges: Prosecutors said that during his tenure as Seongnam City Mayor, Lee fought with private developers in a owner project, resulting in income but losses for the city. This test continues in the Seoul Central District Court.
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Incorrect use of public funds: While serving as governor of the province of Gyeonggi, Lee was accused of using public funds for personal costs. This case is heard in the Swon District Court.
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Illegal money transfer to North Korea: Lee is said to have been complete with the transfer of funds to North Korea in 2018, which violates many laws, including the Foreign Exchange Transaction Act and the Inter-Korean Exchange and Cooperation Act. This test is also in the Swon District Court.
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Subornation of Perjury: Lee has been accused of urging a witness to give false testimony to a trial in 2019. Although a lower court dismissed him, the prosecutors appealed, and the case was currently in front of the Seoul High Court.
President Lee’s first case was on June 18
For the South Korean crypto industry, Lee Jae-Myung’s presidency is a long-awaited green light regulation, sign of legitimacy, fewer bottlenecks and a move beyond a compliance with the first culture towards deeper integration with traditional finances.
Initiatives such as Crypto ETFs spot, exposure fund exposure and a won-based stablecoin All points to one of the most active retail crypto markets in the world Onboard the institutional sector That has long stayed on the sides.
Many of these policies are in motion before Lee’s campaign and supported by both major parties. As a result, investors are widely expected of a crypto-friendly administration regardless of the outcome of the election.
June 4 of June 4 by Lee did not directly mention Crypto or Blockchain, but mild references to AI and emerging technologies suggest that crypto can fall under the wider umbrella of Fintech and digital infrastructure.
However, Lee entered the office under the cloud of ongoing legal battles. The closest to watch is the retrial for violating the Public Official Election Act, with the first hearing scheduled for June 18.
It remains unclear if the trials will continue as scheduled. A major legal question is whether Article 84 of the Constitution – which provides safety to the president from criminal persecution – also applies to trials conducted before the election.
Because this is the first time a South Korean president is in charge while criminal charges are facing, legal experts remain divided.
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