- Lee Jae-myung wins presidency with pro-crypto agenda.
- Supports spot crypto ETFs to boost local investment.
- Plans to launch a Korean won-pegged stablecoin market.
In a historic election, South Korea has chosen a leader who’s openly supportive of cryptocurrency. Lee Jae-myung, the left-wing candidate, secured 49.42% of the votes to become the country’s new president. His campaign stood out for its forward-thinking stance on blockchain technology and digital finance.
Lee’s win signals a potential turning point for South Korea’s crypto ecosystem. By embracing regulation and innovation, his administration is poised to shift national policy toward a more crypto-friendly future.
Spot Crypto ETFs Get Presidential Backing
One of Lee’s core promises is to promote the adoption of spot crypto exchange-traded funds (ETFs) in South Korea. Unlike futures-based ETFs, spot ETFs track the actual price of cryptocurrencies, offering more transparent and accessible investment options for retail and institutional investors alike.
The move could help retain crypto capital within the country, offering investors safer and regulated alternatives rather than turning to overseas platforms. If successful, this could mark the beginning of a more open and investor-friendly crypto market in South Korea.
A Stablecoin Pegged to the Korean Won
Lee also aims to establish a stablecoin market backed by the Korean won (KRW). This type of stablecoin would maintain a 1:1 peg to the local currency, enabling smoother crypto transactions while minimizing volatility risks.
This plan is part of a broader strategy to prevent capital from flowing to international crypto markets. A KRW-pegged stablecoin could help build a stable digital economy, enabling local projects and startups to grow without relying heavily on foreign platforms or currencies.
If implemented, these proposals could transform South Korea into a regional leader in digital finance, fostering innovation while maintaining regulatory oversight.
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