South Korean President Lee Jae-myung Promises to Promote Crypto ETFs and Won Stablecoins

Odaily News Lee Jae-myung, the candidate of the South Korean Left Party, was elected as the new president of South Korea with 49.42% of the votes, defeating his right-wing opponent Kim Moon-soo with 41.15%. Lee Jae-myung promised to vigorously develop the cryptocurrency industry in South Korea. The main policies include: allowing local spot cryptocurrency ETFs, establishing a Korean won stablecoin market, improving the digital asset regulatory framework, and reducing blockchain regulation in specific areas to promote innovation.
South Korea is one of the world's largest cryptocurrency markets, with 9.7 million trading users, about 20% of the total population. Unlike former President Yoon Seok-yeol's failed crypto-friendly promises, Lee Jae-myung is expected to push his crypto policy into place amid a change in the Financial Services Commission's attitude. (The Block)