#SouthKoreaCryptoPolicy

South Korea's new president will support crypto, but controversies continue

From child laborer to crypto-friendly president of one of the world's largest digital asset markets: Lee Jae-myung's journey is a remarkable transformation.

Lee Jae-myung, whose ascendance to South Korea's highest office signifies the arrival of a left-leaning populist with staunch working-class roots and ideas for integrating crypto into institutional frameworks, never forgot the struggles coal miners faced during the 1980s, nor should we.

While crypto was not directly mentioned in Lee's inauguration speech on June 4 following the impeachment of his predecessor Yoon Suk Yeol, he officially steps into office with a list of crypto promises made during his campaign.

His administration is likely to fast track the incorporation of digital assets into the regulatory and financial regime of Korea, following the Democratic Party's Digital Asset Committee.

Lee’s experience transitioning from a teenager working in a plant to a human rights lawyer has helped him build a brand as a reformer. After losing the election in 2022 by 2.5 percent in which he proposed universal basic income, he returned with new yet similar pledges. Now he proposes a “basic society” and prospective social benefits that looked like targeted basic income as well as a shorter work week.