South Korean President Lee Jae-myung has pledged to promote the development of crypto ETFs and Korean won stablecoins

Lee Jae-myung, the candidate of the South Korean Left Party, was elected as the new president of South Korea with 49.42% of the votes, defeating his right-wing opponent Kim Moon-soo's 41.15%. Lee Jae-myung promised to vigorously develop the South Korean cryptocurrency industry. Key policies include: allowing local adoption of spot cryptocurrency ETFs, establishing a Korean won stablecoin market, improving the regulatory framework for digital assets, and reducing blockchain supervision in specific regions to promote innovation.
South Korea is one of the largest cryptocurrency markets in the world, with 9.70 million trading users, accounting for about 20% of the population. Unlike crypto-friendly promises that previous President Yoon Seok-yeok failed to deliver, Lee Jae-myung is expected to push for the implementation of his crypto policy against the backdrop of the FSC's changing attitude.