#SouthKoreaCryptoPolicy Lee also championed approving spot crypto exchange-traded funds (ETFs), which are currently banned under existing law, and allowing the National Pension Service to invest in digital assets.

Regulatory discussions on crypto ETFs were already heating up before the election, and the Financial Services Commission has launched a phased strategy to bring institutional investors into crypto. His main election rival, Kim Moon-soo, backed the same initiatives.

Related: South Korean crypto emerges from failed coup into crackdown season

What set Lee’s crypto policies apart was his proposal to launch a won-based stablecoin. A flashy stablecoin can spark painful memories for South Korean investors who bet on a homegrown multibillion-dollar failure: the Terra project and its algorithmic stablecoins. Lee’s stablecoin contrasts with Terra as he proposed a centralized, fiat-backed currency consistent with global regulatory trends.

Digital Asset Committee leader Min said innovation should come from the private sector. He cited the example of promoting won-based stablecoins in Southeast Asia by leveraging K-culture: South Korean content like K-pop and K-dramas. #BinanceHerYerde