Pro-Crypto Candidate Lee Jae-myung Wins Presidency
South Korea has officially elected Lee Jae-myung as its new president following a decisive snap election. With over 49% of the votes counted, Lee defeated his opponent from the conservative People Power Party. The election, held on June 3, saw nearly 80% voter turnout, marking the highest participation rate since 1997.
This political transition comes amid months of national unrest after the previous administration declared martial law, which pushed the country into a constitutional crisis.
Crypto Market Responds Positively
Lee’s campaign focused heavily on digital finance and blockchain innovation. Upon confirmation of his win, Bitcoin prices spiked to ₩149 million ($108,480) on South Korea’s major crypto exchanges—roughly 2% higher than global prices—demonstrating renewed investor interest and the so-called “kimchi premium.”
Key Crypto Policy Highlights
- Approval of Bitcoin ETFs to broaden investment access
- Allowing the ₩884 billion national pension fund to invest in Bitcoin and crypto assets
- Launch of a Korean won-backed stablecoin to strengthen local financial infrastructure
“We must build a stablecoin market backed by the Korean won to prevent capital outflow and support financial sovereignty,” Lee emphasized during a policy session.
Economic and Geopolitical Outlook
Beyond crypto, the new administration faces urgent national priorities. South Korea is dealing with rising inflation, geopolitical tensions, and ongoing trade negotiations. Lee has promised to address these through:
- AI and defense sector investment
- Judicial and prosecution reform
- Introduction of a 4.5-day workweek to improve work-life balance
“Economic recovery and digital modernization will begin on day one,” the president told supporters in his inauguration speech.
Impact on Crypto Regulation in Asia
Lee’s leadership is expected to reshape South Korea into one of the most crypto-progressive nations in Asia. His administration may set a precedent for other governments exploring crypto-friendly regulation while maintaining financial oversight.
If implemented effectively, South Korea could become a global hub for institutional crypto investment and blockchain innovation.
