After former South Korean President Yoon Suk-yeol was impeached and stepped down due to the martial law controversy, a presidential election was held on June 3, where the opposition Democratic Party candidate Lee Jae-myung won with a 49.42% vote share, defeating the People Power Party's Kim Moon-soo, confirming his election as the 21st President of South Korea. With the new government in place, South Korea's cryptocurrency policy landscape is set to undergo a significant shift.

During the campaign, Lee Jae-myung promised to revitalize the national economy, including providing more support for low-income households and small businesses, and will fully support the local cryptocurrency industry.

Among the most noteworthy commitments from Lee Jae-myung is his promise to promote the legal listing of cryptocurrency spot ETFs locally. Since the U.S. has successively allowed the launch of Bitcoin and Ethereum spot ETFs, South Korean financial authorities are also considering following suit, but there has been no substantial progress in implementation; as of now, South Korea still fully prohibits any form of cryptocurrency ETF issuance and trading.

Additionally, Lee Jae-myung intends to open the door wide for the issuance of a "Korean Won Stablecoin." Last month, Lee Jae-myung publicly stated that to prevent domestic capital outflow, establishing a "Korean Won-denominated stablecoin market" is imperative.

Under his leadership, South Korea will also focus on completing the second phase of the Digital Asset Basic Law legislation, concentrating on stablecoin regulation and exchange information disclosure requirements.