#SouthKoreaCryptoPolicy The new president of South Korea will promote cryptocurrencies, but scandals prevail

President Lee Jae-myung went from being a working child in post-war South Korea to becoming a cryptocurrency-friendly leader in one of the largest digital asset markets in the world.

The rise of President Lee Jae-myung to the highest office in South Korea marks the return of a leftist populist with deep roots in the working class and bold plans for the institutional integration of cryptocurrencies.

Although cryptocurrencies were not directly mentioned in Lee's inaugural speech on June 4 after the impeachment of his predecessor, Yoon Suk Yeol, Lee now leads the country with a list of promises regarding cryptocurrencies made during his campaign.

His administration is expected to accelerate the integration of digital assets into South Korea's regulatory and financial systems with the support of the Democratic Party's Digital Assets Committee.

President Lee supports cryptocurrencies for large amounts of money.

Lee is expected to oversee significant changes in cryptocurrency policy in South Korea, including the likely enactment of the Digital Assets Basic Act (DABA). Progress began under Yoon's direction, who campaigned to promote it, but failed to finalize it due to his premature dismissal.

Recently, the Democratic Party formed a Digital Assets Committee, led by legislator Min Byoung-dug, who seeks DABA's approval in the National Assembly this year. Min stated in a recent interview with local media that the bill will propose a legally recognized self-regulatory body, a stablecoin approval system, and clearer rules for cryptocurrency service providers.

South Korean cryptocurrency emerges from the failed coup and enters a season of repression.