This Tuesday (6/3), the candidate from the South Korean Democratic Party, #LeeJaeMyung, was elected as the 21st President of #SouthKorea with a high vote rate of 49% in the presidential by-election. Like Trump, Lee Jae Myung also includes cryptocurrency as a core part of financial policy, and the future development of South Korea’s digital asset industry has attracted global attention.

Below, Belle has compiled several important strategies of Lee Jae Myung regarding cryptocurrency, let’s get to know this figure who is expected to bring significant changes to the crypto industry.

Lee Jae Myung advocates deregulation, strengthening supervision, and expanding applications, hoping to transform South Korea into an institutionalized "digital financial pioneer". Unlike Trump’s "market-oriented" strategy that strengthens the strategic value of $BTC through national status, he focuses more on the order and balance of system introduction and national regulation.

Lee Jae Myung's five major strategies related to the crypto industry are:

1️⃣ Promote the legalization of spot ETFs to enhance market transparency and regularity.

2️⃣ Develop a Korean won stablecoin to counter the monopoly of dollar stablecoins and strengthen financial sovereignty.

3️⃣ Encourage retirement funds to allocate in crypto assets, advocating that the South Korean National Pension (over $880 billion) be allowed to invest in cryptocurrencies, making institutional funds a stabilizing force in the market.

4️⃣ Establish a "Digital Asset Regulatory Agency" to be led by the government to organize the market, supervise the industry, reduce transaction fees, and create a safe investment environment.

5️⃣ Extend the digital asset income tax to 2027 and promote tax system reforms, allowing loss offsets and raising the tax threshold to stock levels.

【About South Korea's Crypto Industry】

🟣 South Korea has always been one of the most active cryptocurrency markets globally, with 1/3 of the population (about 18 million) holding digital virtual assets, with the scale of virtual assets expected to reach 104 trillion won (about $74.5 billion) by the end of 2024.

🟣 According to statistics from the Financial Intelligence Unit (FIU) of South Korea, the growth of crypto investors aged 30 to 50 is significant, with those holding asset values exceeding 100 million won (about $74,000) making up about 78% of the group aged 40 and above.

🟣 The above data indicates that South Korean crypto assets have gradually become a part of the asset allocation for the middle class and above, rather than just a speculative tool for young people.