Crypto-friendly Lee Jae-myung was elected as South Korea’s new president on Wednesday, defeating the incumbent Conservative Celebration’s chief Kim Moon-soo.
Throughout the election Lee made various guarantees to South Korea’s crypto trade, interesting to the nation’s 15 million crypto traders. These included legalizing spot cryptocurrency exchange-traded funds and permitting institutional traders just like the Nationwide Pension Fund to make investments into sure cryptocurrencies and merchandise, native media outlet The Korea Herald stated in Might.
Lee additionally stated the nation ought to help a won-based stablecoin market “to forestall nationwide wealth from leaking abroad,” throughout a coverage dialogue with YouTube creators, The Korea Herald reported.
The Democratic Celebration of Korea’s Lee gained towards Kim from the Folks Energy Celebration, its opposition celebration, by practically three million votes within the snap election. There have been greater than 17 million votes in whole and Lee secured 49.4% of them, knowledge from South Korea’s Nationwide Election Fee confirmed.
South Korea has established new rules for crypto corporations over the previous two years. Its Nationwide Meeting handed laws for digital property in 2023. The Digital Asset Person Safety Act outlined what digital property had been and set penalties for unfair transactions. It additionally gave the Monetary Providers Fee authority to supervise service suppliers. The nation additionally revealed tips for regulating safety tokens round an analogous time.
Now South Korea has began letting non-profits and exchanges promote crypto beneath new guidelines beneath the Monetary Providers Fee.
International locations and leaders in Asia — like in Pakistan and Hong Kong — have been pushing for extra crypto measures because the sector has jumped to achieve its present $3.4 trillion market cap and crypto has change into extra mainstream.
