Presidential candidate Hong Joon-pyo of South Korea has announced plans to relax crypto regulations, taking inspiration from the Trump administration. Hong aims to promote blockchain and virtual assets by reducing regulations similar to Trump's approach in the U.S. He envisions elevating these technologies into a recognized industry and integrating them into public services. This announcement follows former President Trump's repeal of an IRS rule affecting DeFi platforms, marking a significant step in industry deregulation. South Korean leaders are feeling pressure to respond to the U.S.'s proactive stance on digital assets, including establishing a Strategic Bitcoin Reserve. Despite some resistance, with the Bank of Korea ruling out holding Bitcoin as a reserve asset, South Korea's political candidates are now prioritizing crypto policies to keep pace with global developments. The outcome of the upcoming presidential election will determine the implementation of these promises. Read more AI-generated news on: https://app.chaingpt.org/news