South Korea Elects Pro-Crypto President Lee Jae-myung
- President Lee Jae-myung backs Bitcoin ETFs, KRW stablecoin plans.
- Lee aims to integrate digital assets into pensions.
- Korea’s crypto policies shift towards institutional acceptance.
Lee Jae-myung has been elected as the new President of South Korea, promising crypto-friendly reforms including Bitcoin ETFs and a KRW-backed stablecoin.
His election signals a policy shift towards institutional crypto adoption, potentially transforming South Korea’s financial landscape.
Pro-Crypto Lee Jae-myung Wins Presidency with 49.4% Vote
Lee Jae-myung, elected with approximately 49.4% of the vote, is known for his pro-crypto stance. His administration plans to legalize spot Bitcoin ETFs and introduce a KRW-backed stablecoin.
Lee Jae-myung, President of South Korea, “My administration will prioritize the establishment of a regulatory framework that integrates digital assets into our financial system, empowering individuals and institutions alike.” – source
Lee, a former human rights lawyer, started his term following the June 3 snap election. He intends to enhance the crypto market by enabling pension funds to invest in digital assets.
Institutional Fund Integration to Stabilize Crypto Markets
The new policies are expected to integrate crypto into pensions, affecting the National Pension Fund valued at $884 billion. Anticipated institutional inflows could stabilize the crypto market.
Legitimizing crypto ETFs is projected to boost local brokerage access to digital assets, signaling a significant policy reversal by the Financial Services Commission.
Global Influence: US Bitcoin ETFs Impact on South Korea
The U.S. approval of spot Bitcoin ETFs in 2024 led to increased institutional investments. South Korea’s previous ban hindered its capital markets compared to global trends.
Institutional adoption in South Korea could mirror global trends, likely increasing Total Value Locked (TVL) in domestic DeFi protocols and enhancing market liquidity.
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