South Korea Elects Lee Jae-myung Promising Support for Crypto Industry
Lee Jae-myung has been elected as South Korea's new president, defeating incumbent Kim Moon-soo. His election is significant for the crypto industry, appealing to 15 million crypto investors with several promises:
- Legalization of spot cryptocurrency exchange-traded funds.
- Allowing institutional investors, including the National Pension Fund, to invest in certain cryptocurrencies.
- Support for a won-based stablecoin market to retain national wealth.
Lee won by nearly three million votes, securing 49.4% of over 17 million total votes.
South Korea has introduced new regulations for crypto companies, including:
- The Virtual Asset User Protection Act, defining digital assets and establishing penalties for unfair transactions.
- The Financial Services Commission gaining authority to oversee service providers.
- Guidelines for regulating security tokens.
- New rules allowing non-profits and exchanges to sell crypto.
Other Asian countries are also enhancing crypto measures as the sector approaches a $3.4 trillion market cap.