The emergence of cryptocurrency-friendly leaders is being confirmed around the world. In South Korea, pro-crypto candidate Lee Jae-myung won the presidential election with 49,3% of the vote. The Democratic Party candidate’s plans include investing some of the $884 billion in public pension funds in Bitcoin, and launching a stablecoin backed by the South Korean won.
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A victory supported by a detailed crypto program
Candidates’ attitudes towards crypto-currencies are beginning to have an impact on certain elections, particularly in countries where economic and technological issues are hotly debated. This phenomenon has already been illustrated in Argentina with the election of Javier Milei and more recently in South Korea.
Lee Jae-myung of the Democratic Party won the presidential election against Kim Moon-soo of the People’s Power Party, who won 41,3% of the vote. Voter turnout reached 80% of the 44,39 million registered voters, the highest level since 1997.
The new president’s crypto program includes a number of concrete measures. He plans to lift the ban on Bitcoin cash ETFs currently prohibited by South Korean legislation. Lee Jae-myung also wants to allow the National Pension Service, which manages $884 billion, to invest in cryptos.
Dennis Porter, founder of the Satoshi Action Fund visited South Korea to observe the election. He sees the victory as significant for the international crypto community, noting the high voter turnout as an indicator of public support for the proposed reforms.
The political context played a role in this election. The attempted military coup of December 2024 and the temporary imposition of martial law weakened the ruling party. Lee Jae-myung called the election “judgment day” for the previous administration, criticizing its handling of the political crisis.
New laws in preparation to regulate sector
The Democratic Party has created a working group specializing in digital currencies, headed by Rep. Min Byoung-dug. This team is preparing a new crypto law to be passed by Parliament. According to Min Byoung-dugt his law will create an official supervisory organization, define rules for approving stablecoin, and clarify the obligations of companies in the sector.
Lee Jae-myung announced his intention to create a stablecoin backed by the South Korean won. The initiative aims to reduce capital flight abroad and encourage the use of cryptocurrencies in the country. The MP Min Byoung-dug believes that this stablecoin could be promoted in Southeast Asia, building on the popularity of Korean culture, particularly K-pop and K-dramas.
This approach differs from the Terra Luna project, which caused significant losses for South Korean investors. The proposed stablecoin would be centralized and backed by fiat currencies, following international regulatory trends.
The new president also plans to revise the “one exchange platform, one bank” rule, which has created a near-monopoly situation for domestic crypto exchange platforms. This reform would aim to increase competition in the sector.
Lee Jae-myung’s election marks a turning point in the South Korean government’s adoption of cryptocurrencies. His victory provides him with a sufficient political base to attempt to implement his reforms, where other crypto-friendly candidates had not always enjoyed the necessary conditions to bring their proposals to fruition.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
