TechFlow reports on June 4, according to The Block, that South Korea's left-wing party candidate Lee Jae-myung has been elected as the country's new president with 49.42% of the vote, defeating his right-wing opponent Kim Moon-soo who received 41.15%. Lee Jae-myung has pledged to vigorously develop South Korea's cryptocurrency industry, with key policies including allowing domestic adoption of spot cryptocurrency ETFs, establishing a won-denominated stablecoin market, improving the digital asset regulatory framework, and reducing blockchain regulations in designated zones to foster innovation.
South Korea is one of the world's largest cryptocurrency markets, with 9.7 million trading users—about 20% of the population. Unlike former President Yoon Suk-yeol, who failed to deliver on his crypto-friendly promises, Lee Jae-myung is expected to advance his cryptocurrency agenda amid a shifting stance from the Financial Services Commission.
