Crypto-friendly Lee Jae-Myung was elected as the new South Korean president on Wednesday, defeating the leader of incumbent conservative party Kim Moon-soo.
During the election Lee made many promises in the South Korean crypto industry, appealing to 15 million investors in the country’s crypto. This includes legalization of funds exchanged by cryptocurrency exchanges and allowing institutional investors such as the National Pension Fund to make investments in certain cryptocurrencies and products, local media outlets Korea Herald said in May.
Lee also said the country should support a Stablecoin Market -based winning “to prevent national resources from leaking overseas,” during a policy discussion with YouTube creators, the Korea Herald reported.
The Korean’s democratic party won against Kim from the People Power Party, its opposition party, with nearly three million votes in the Snap election. There are more than 17 million votes in total and Lee has had 49.4% of them, data from South Korean national election commission shown.
South Korea has established new regulations for crypto companies for the past two years. Its national assembly passed the law for Digital assets in 2023. The Virtual Asset User Protection Act determines what digital ownership are and set penalties for unfair transactions. It also provided the financial service commission authority to handle service providers. The country too Na -published guidelines for regulating security tokens around a similar time.
Now South Korea Began to let non -income and exchange crypto sell under new policies Under the financial service commission.
Asian countries and leaders – as in Pakistan and Hong Kong – pushed for more crypto steps as the sector jumped to reach the current $ 3.4 trillion market cap And the crypto became more mainstream.
