🇰🇷 In South Korea, Lee Jae-myung has announced plans to allow local trading of exchange-traded financial instruments, inspired by the success of similar ETFs in the United States.
🗓️ Last month, the newly elected South Korean president noted that the country needs to create a stable market for won-based stablecoins to prevent domestic capital outflows.
👤 Lee Jae-myung is not the first president to push cryptocurrency policies; previous president Yoon also promised deregulation of the industry, but many promises remained unfulfilled due to resistance from the Financial Services Commission (FSC), which insisted on strict oversight to protect investors.
⚠️ However, South Korea remains one of the largest crypto markets in the world. According to the FSC, as of the end of 2024, 15.5 million people, or 30% of the population, invested in crypto assets.