South Korean presidential candidate: Will follow the US government's example and significantly relax regulations on blockchain and virtual assets

Odaily News South Korean presidential candidate Hong Joon-pyo said at a press conference at his campaign office in Yeouido on the 16th that he would follow the example of the Trump administration in the United States to significantly relax regulations, promote blockchain and virtual assets to become independent industries, and introduce blockchain technology into the public sector and administrative services. Hong Joon-pyo emphasized that the virtual asset industry will become a new growth point for the South Korean economy. Hong Joon-pyo also proposed a "new industry without threshold" system, allowing new technologies and new businesses to enter the market without prior government approval. This policy is expected to provide a more relaxed innovation environment for blockchain startups. In addition, he plans to abolish the 52-hour work week in cutting-edge industries and provide more flexible labor support for technology research and development fields such as blockchain.