South Korean presidential candidate promised to repeat Trump’s crypto policy if he wins

Hong Joon-pyo also intends to integrate blockchain technology into the state government

16.04.2025 - 14:50

3 min

What’s new? South Korea’s presidential election candidate from the right-wing People Power Party, Hong Joon-pyo, has promised to overhaul local regulations on blockchain and cryptocurrencies if he wins. “To foster blockchain and virtual assets as an industry, I will reform regulations as much as the Trump administration in the United States,” the politician said.

Material by Naver

What else is known? Hong Joon-poy, who until last week was mayor of Daegu City, said he would work to implement blockchain technology in the public sector and administrative services, among other things.

As part of his breakthrough technology-based growth initiative, he also pledged to invest at least 50 trillion Korean won ($35,1 billion) over five years in research and development in artificial intelligence, quantum technology, and room-temperature superconductors.

Korea’s central bank did not consider creating a BTC reserve due to the high volatility of the asset

The regulator stated that the asset does not have the necessary credit rating and does not have sufficient liquidity

Joon-pyo is a well-known politician with nearly 30 years of experience and has previously called on the government to adopt more crypto-friendly regulations. In 2021, he openly criticized the introduction of cryptocurrencies, calling the move regressive and calling for a legal framework to institutionalize new technologies.

South Korea’s 20th president, Yoon Suk-yeol, was ousted on April 4 after the Constitutional Court unanimously upheld the National Assembly’s impeachment vote for declaring martial law on December 3, 2024.

The June 3 presidential election is less than two months away, but neither of the two major political parties has yet to nominate a candidate. Joon-pyo is among eight candidates seeking the nomination from the People Power Party.

Korea Exchange chairman suggests launching cryptocurrency ETFs

He believes this would provide investors with a more regulated way to access digital assets

Earlier, it was reported that Korea’s Financial Services Commission (FSC) intends to submit a new crypto regulation bill in the second half of the year. Back in July last year in the country came into force a law on the protection of crypto investors and the state system for monitoring fraud in the crypto market began to work.

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