South Korean Candidate Plans Crypto Deregulation Similar to Trump’s Policies
South Korean presidential candidate Hong Joon-pyo plans to adopt a crypto regulation approach similar to that of former President Trump, focusing on deregulation and blockchain development.
- Hong aims to enhance public sector efficiency using blockchain technology.
- He opposes the 2021 cryptocurrency taxation policy, advocating for investments in disruptive technologies instead.
- Hong's roadmap includes over $35.1 billion investment in AI, superconductors, and quantum technology.
- His position aligns with increasing local interest in blockchain, as evidenced by the National Pension Service's research on transparency improvements.
Currently, South Korean crypto experts criticize the proposed Basic Digital Asset Act, which requires local stablecoin issuers to seek permission from the Financial Services Commission. This bill exempts foreign stablecoins like USDT, raising concerns about fairness for local platforms.