Lee Jae-myung has officially taken office as South Korea’s new president after winning nearly 50% of the vote, defeating his conservative opponent Kim Moon-soo, who received just over 41%. Lee was sworn in on June 4 at his inauguration ceremony.
This year’s election was especially important for the crypto community in South Korea. With around one-third of the population reportedly owning digital assets and over $74 billion worth of crypto held by citizens, according to the Bank of Korea, both candidates made big promises to attract crypto voters.
Lee campaigned on a pro-crypto platform, vowing to support the growth of the digital asset industry. One of his key promises was to legalize spot cryptocurrency exchange-traded funds (ETFs), which would allow South Koreans to invest in funds directly tied to cryptocurrencies like Bitcoin $BTC and Ethereum $ETH . This proposal even gained support from his opponent Kim Moon-soo and the conservative People Power Party, showing rare bipartisan agreement on crypto.
In addition to ETFs, Lee’s administration wants to let the country’s massive $884 billion national pension fund invest in crypto assets—another major shift in policy that could further boost adoption and legitimacy.
President Lee and his Democratic Party are also focused on launching Korean won-backed stablecoins. They believe having their own national stablecoins is essential to compete globally and avoid depending too heavily on U.S. dollar-backed alternatives.
“We need to take the lead in institutionalizing stablecoins before U.S. dollar-based stablecoins become firmly established. That is the only way we can secure a sure position in the global battle for stablecoin hegemony,” said Min in his statement.
To make this happen, the Democratic Party is pushing lawmakers to pass new legislation. A draft bill, called the “Basic Act on Digital Assets,” is currently in the works to create a clear legal framework for stablecoins and digital asset markets.
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