#SouthKoreaCryptoPolicy South Korea’s New President Backs Crypto ... But Shadows of Scandal Remain

From Factory Floors to Presidential Power

Lee Jae-myung’s journey is nothing short of cinematic 🎬. Once a child laborer in post-war South Korea, he’s now the president of one of the world’s largest crypto economies . With deep roots in the working class and a reformist reputation, Lee’s presidency is already making waves in the digital asset space.

💼 Crypto Promises: Big Moves Ahead

Though crypto wasn’t name-dropped in his inauguration speech on June 4 🗓️, Lee’s campaign was full of bold digital asset proposals:

🔹 Accelerating crypto regulation under the Digital Asset Committee

🔹 Supporting spot crypto ETFs 📊

🔹 Proposing a won-based stablecoin 💵

🔹 Opening doors for National Pension Service to invest in crypto 🏦

🔹 Easing the “one exchange, one bank” rule to break monopolies 🔓

His vision? A crypto-integrated Korea that supports startups, SMEs, and global innovation 🌐.

📜 The Digital Asset Basic Act (DABA) – What’s Coming?

Led by lawmaker Min Byoung-dug, the DABA aims to bring:

✅ Legal self-regulation in crypto

✅ Stablecoin approval systems

✅ Clear guidelines for crypto service providers

Lee’s support strengthens the push to pass this bill in 2025, marking a pivotal shift for institutional adoption in Korea.

Terra Troubles & A New Stablecoin

While Lee’s stablecoin idea excites many, it also raises eyebrows 😬. Memories of the Terra collapse still haunt Korean investors. But unlike Terra’s algorithmic model, Lee envisions a fiat-backed, centralized currency aligned with global regulations .

He even sees potential in spreading K-culture-based stablecoins across Southeast Asia, merging fintech with Hallyu (Korean Wave)

🤝 Diplomacy, North Korea & Crypto Threats

Lee promises balanced diplomacy .strengthening ties with the U.S., Japan, and mending fences with China. At the same time, he seeks peaceful dialogue with North Korea, a nation deeply entangled in crypto-related cybercrimes