Lee Jae-myung, the leader of the opposition in South Korea, was inaugurated as president after winning the early election on June 3rd. He garnered over 49% of the votes, surpassing his opponent Kim Moon-soo of the People Power Party with 41%, according to data from the National Election Commission.
The election was held after former President Yoon Suk-yeol declared martial law, causing a political crisis. Voter turnout reached nearly 80%, the highest level since 1997. Lee campaigned with a pro-crypto platform.
Dennis Porter, founder of the Satoshi Action Fund, stated that voter turnout in South Korea is very high.
He also emphasized that the new president Lee Jae-myung is committed to allowing the national pension fund worth $884 billion to invest in Bitcoin and cryptocurrencies, as well as promoting the launch of Bitcoin ETFs.
Lee also proposed the issuance of a stablecoin backed by the won to modernize the financial system and limit capital outflows. Opponent Kim Moon-soo also supports cryptocurrency ETFs and has pledged to ease regulations to promote crypto adoption.