Lee Jae-myung has become the new president of South Korea, promising extensive reforms in the field of cryptocurrencies and digital finance.
This is reported by Finway
Lee Jae-myung’s Victory and His Pro-Crypto Agenda
On June 3, 2025, elections in South Korea concluded with the victory of the left-wing candidate Lee Jae-myung. The politician received 49.42% of the votes, surpassing his opponent Kim Moon-soo, who garnered 41.15%. Voter turnout reached a record level not seen in the past 28 years — 79.4%.
The elections took place against a backdrop of political instability caused by the impeachment of former president Yoon Suk-yeol. His “military” policies faced harsh criticism and sparked significant public resistance.
Crypto Reforms and New Initiatives
Lee Jae-myung is known for his commitment to the development of digital finance. Among the key initiatives of the new president are:
- Advocating for the launch of spot cryptocurrency ETFs, despite the existing ban on their implementation in the country.
- Establishing a market for stablecoins pegged to the Korean won, aimed at ensuring financial stability and preventing the outflow of domestic capital.
- Completing the second phase of legislative regulation of digital assets, with a focus on transparency in exchange operations and increased oversight of stablecoins.
- Simplifying regulations in special blockchain regions to stimulate innovation in the financial sector.
The president emphasizes the need to allow local trading of exchange-traded financial instruments, inspired by the success of crypto ETFs in the U.S. Additionally, Lee Jae-myung noted last month that the introduction of stablecoins based on the Korean won would help stabilize the market and protect national investments.
“The country needs to create a stable market for stablecoins based on the won to prevent the outflow of domestic capital.”
Despite the previous president Yoon also promising deregulation of the crypto market, most of his initiatives were not realized due to resistance from the Financial Services Commission (FSC), which insisted on strict regulations to protect investors.
South Korean Crypto Market: Statistics and Prospects
South Korea remains one of the largest crypto markets in the world. According to the FSC, by the end of 2024, 15.59 million citizens had invested in digital assets, accounting for about 30% of the country’s population. By the end of February 2025, the number of cryptocurrency exchange users reached 16.3 million.
It is expected that the reforms initiated by Lee Jae-myung will contribute to the further development of the cryptocurrency sector and enhance South Korea’s position as one of the leaders in Asia’s digital economy.