Original Title: "What are the Campaign Promises of South Korea's New President Lee Jae-myung Regarding Crypto and AI?"
Original Author: KarenZ, Foresight News
On June 4, at 06:15, the South Korean Central Election Management Commission held a plenary meeting and officially confirmed the election of Lee Jae-myung, the candidate from the Democratic Party, as president based on the ballot results of the 21st presidential election. Lee Jae-myung immediately began his presidential term. According to South Korea's Chosun Ilbo, the vote count showed that Lee Jae-myung won with 49.42% of the votes, while the candidate from the People Power Party, Kim Moon-soo, received 41.15%, and the candidate from the Reform New Party, Lee Jun-sik, received 8.34%. With Lee Jae-myung's election as president, there is significant attention on whether the institutionalization process of South Korea's digital asset industry will accelerate.
Why Did Lee Jae-myung Win the Election?
Lee Jae-myung's victory in the election can be attributed to several key reasons:
First, former president Yoon Suk-yeol's brief imposition of martial law in December 2024 triggered a constitutional crisis, leading to his impeachment and removal in April 2025, which sparked strong public dissatisfaction. The voter turnout for this election reached 79.4%, the highest since 1997, reflecting the public's strong desire for political change. After Yoon Suk-yeol's impeachment, Lee Jae-myung quickly announced his candidacy for president and actively campaigned, emphasizing the need to repair relations with China, improve domestic economic and social issues, and other proposals, which garnered widespread support. As a representative of the progressive faction, Lee Jae-myung skillfully balanced the dual demands of "seeking change" and "seeking stability."
Secondly, Lee Jae-myung narrowly lost to Yoon Suk-yeol in the 2022 presidential election, which helped him build a solid political foundation and recognition. Additionally, Lee Jae-myung's personal political experience and image significantly contributed to his appeal. Coming from a poor background, he started working after graduating from elementary school, later self-studied to enter a prestigious university, and became a human rights lawyer involved in the civil rights movement. These experiences allowed him to establish a deep connection with ordinary citizens, enhancing his support base. His "rags-to-riches" story resonates deeply with the survival anxieties of the lower and middle classes in South Korean society.
Moreover, Lee Jae-myung's campaign platform directly addresses the pain points of South Korean society, proposing diplomatic diversification, economic revitalization, a focus on people's livelihoods, promoting AI development, and friendly policies towards cryptocurrencies (such as advocating for Bitcoin spot ETFs and issuing a Korean won stablecoin), which received considerable public approval.
What Measures and Commitments Does Lee Jae-myung Have Regarding Crypto?
During the 2025 South Korean presidential campaign, Lee Jae-myung and the Democratic Party he represents proposed several measures and commitments regarding crypto, including promoting the drafting of the "Basic Law on Digital Assets," institutionalizing the issuance of security tokens (STO), introducing virtual asset spot ETFs, and advancing the development of a Korean won-based stablecoin, aiming to attract young voters, promote economic growth, and enhance the autonomy of South Korea's financial system through support for the digital asset market.
· Virtual Asset Spot ETF: According to the Korea Economic Daily, on May 6, Lee Jae-myung proposed a youth policy commitment centered on introducing virtual asset spot ETFs (exchange-traded funds). He promised to "create a safe investment environment that allows young people to accumulate assets and plan for the future," including promoting the institutionalization of virtual asset spot ETFs and establishing a unified regulatory system.
· Token Securities: Lee Jae-myung committed to legislating the regulation of token securities. According to previous analysis by Yonhap News Agency, the "Token Securities Act" (amendments to the Capital Markets Act and Electronic Securities Act) had reached a consensus between the ruling and opposition parties in the last National Assembly, and although it was delayed due to the impeachment case, it is expected to pass smoothly after this presidential election.
· Allowing National Pension to Invest in Virtual Assets: According to Fnnews, on May 17, Lee Jae-myung's campaign committee announced plans to establish a system for the National Pension Service (NPS) to directly invest in cryptocurrencies, stating that investing in digital assets by pension funds like the NPS is not speculative but follows an internationally optimized model of controlled and scientific diversified investment strategies. The committee emphasized, "If we ignore digital assets due to emotional rejection, it will lead to South Korea falling behind in the global financial trend, losing monetary sovereignty, and missing opportunities for national asset appreciation—this is the real risk."
It is worth noting that, according to Yonhap News Agency, the fund operation committee of the NPS held its third meeting of the year on May 29 to review and approve the "2026-2030 Mid-term Asset Allocation Plan for National Pension Fund Management," which focuses on improving the fund's profitability and stability while delaying the outbreak of pension shortfalls as much as possible. The main plan is to reduce the proportion of investments in domestic stocks while expanding the scale of overseas stocks and alternative investments. By the end of 2030, the target weight for each asset class is set at approximately 55% for stocks, 30% for bonds, and around 15% for alternative investments.
The committee also reviewed and approved the "2026 National Pension Fund Management Plan (Draft)," reflecting the target proportions for each asset class in 2026. By the end of 2026, the target allocation ratios for each asset class are: 14.4% for domestic stocks, 38.9% for overseas stocks, 23.7% for domestic bonds, 8% for overseas bonds, and 15% for alternative investments. According to the Korea Economic Daily, through pension reforms that increase insurance rates, the accumulated fund size of the South Korean National Pension is expected to grow from the current 1,200 trillion won (approximately 873 billion USD) to 3,600 trillion won (over 2.6 billion USD) by 2053.
This means that, based on the current size of the South Korean National Pension accumulated fund, if the proportion of alternative investments reaches 15% by the end of 2026, there will be 130.95 billion USD available for investment in alternative asset fields such as real estate, private equity, infrastructure, and hedge funds. If the South Korean National Pension gets involved in virtual asset investments, it can only arrange within that category, and how much of that can be allocated for virtual asset investments is left to imagination.
It is also noteworthy that the NPS holds shares in Coinbase and Strategy. According to Yonhap News Agency, in August 2024, the NPS purchased 282,673 shares of Coinbase in the third quarter of 2023 and bought 245,000 shares of MicroStrategy (now renamed Strategy) for about 33.74 million USD in the second quarter of 2024 (currently valued at 109.5 million USD), although it sold 23,956 shares of Coinbase in the second quarter of 2024.
However, according to Money Today in September 2024, the NPS explained that these shares are not held for the purpose of investing in virtual assets but are passively held because they are included in the benchmark index. The NPS's overseas stock investments mainly use two methods: passive tracking of the MSCI (Morgan Stanley Capital International Index) and entrusted operations for individual stock investments. The NPS stated that the shares of Coinbase and MicroStrategy were automatically purchased due to their inclusion in the tracked benchmark index or acquired through entrusted operations.
· Korean Won Stablecoin: Lee Jae-myung proposed the creation of a Korean won-based stablecoin to curb capital outflows and enhance the stability of South Korea's financial system. According to the Korea Economic Daily, on May 8, Lee Jae-myung stated during a policy discussion, "To prevent the outflow of national wealth, it is necessary to build a stablecoin market based on the Korean won." According to data obtained by Democratic Party member Min Byung-deok from the Financial Supervisory Service on May 8, the total amount of virtual assets that flowed out (not net outflow) from South Korean trading platforms Upbit, Bithumb, Coinone, Korbit, and Gopax from January to March exceeded 56.8 trillion won, of which 47.30% (26.87 trillion won) were dollar-based stablecoins like USDT and USDC.
However, the governor of the Bank of Korea, Lee Chang-yong, stated at the end of last month that if non-bank institutions issue Korean won stablecoins, the effectiveness of monetary policy could be severely compromised and could be used as a means to evade capital controls.
· Promotion of the "Basic Law on Digital Assets": According to Chosunbiz, Min Byung-deok, a member of the Democratic Party and chairman of the digital asset committee under Lee Jae-myung's campaign, is leading the preparation of the second phase of the "Basic Law on Digital Assets," focusing on operator registration and regulatory systems, clarifying information disclosure and listing standards, and establishing a legal basis for self-regulatory organizations.
According to Fnnews, Min Byung-deok, chairman of the digital asset committee under Lee Jae-myung's campaign, held a discussion with the Korean Business Administration Society to ultimately gather expert opinions on the draft of the "Basic Law on Digital Assets." Min emphasized, "In this paradigm shift, if we concentrate resources, the Korean won stablecoin can be globally competitive. We need to unite our efforts to elevate South Korea from a passive recipient of the global order to an active designer in the digital asset era." Attorney Kim Hyun-bong from Pacific Law Firm pointed out, "When stablecoins issued overseas enter the South Korean market, the regulatory targets must be clearly defined. Since the current Electronic Financial Transactions Act does not cover virtual assets, virtual assets as payment methods need to be regulated under the 'Basic Law on Digital Assets.' For example, if companies like Naver and Kakao provide services using stablecoins as payment methods, they must be bound by this law."
· Reducing Transaction Fees: Lee Jae-myung also proposed "guiding the reduction of transaction fees" to alleviate the burden on users by promoting healthy competition among trading platforms.
· Establishing a Comprehensive Monitoring System: Monitoring unfair trading and fraudulent activities, increasing market transparency, and strengthening investor protection—over-regulation?
It is worth mentioning that in 2022, Lee Jae-myung ran for president representing the Democratic Party and utilized NFTs for fundraising. According to Digital Times, the target amount was reached within 2 hours of the launch, totaling 35 billion won. According to the Chosun Ilbo, during the 2022 campaign, Lee Jae-myung also met with representatives from South Korea's four major virtual asset trading platforms—Upbit, Bithumb, Coinone, and Korbit—promising to "accelerate the legalization of virtual assets," establish objective listing standards, improve information disclosure systems, monitor improper trading, and gradually allow initial coin offerings (ICOs). Regarding ICOs, Lee Jae-myung suggested relaxing regulations. On that day, Lee Jae-myung narrowly lost the 2022 presidential election.
What Commitments Does Lee Jae-myung Have Regarding AI?
Lee Jae-myung also proposed a vision of "becoming one of the top three AI countries through a major transformation in AI" and committed to building a public-private investment foundation of 100 trillion won. According to ZDNet, Lee Jae-myung's official campaign commitments include the following plans:
· Significantly increase the AI budget to levels above those of developed countries;
· Attract 100 trillion won in private investment;
· Build AI data centers;
· Ensure at least 50,000 GPUs;
· Establish a national AI data cluster;
· Promote a "Universal AI" project;
· Formulate special regulations for AI-integrated industries;
· Strengthen education for future talent development.
Who is Lee Jae-myung?
Early Experiences
Lee Jae-myung (이재명) is a highly influential political figure in South Korea. Born in 1964 into a poor family in Andong, North Gyeongsang Province, he is the fifth of seven children. After graduating from elementary school, he entered the workforce out of necessity. Due to his age, he had to use a pseudonym to work, and during this time, he unfortunately injured his left wrist in a machine accident, resulting in a grade 6 disability. This challenging early experience became a vivid footnote in his political career, symbolizing his "tenacious struggle against fate."
However, the setbacks of fate did not make him yield. Subsequently, Lee Jae-myung self-studied and took equivalency exams, gaining admission to the law department at Chungang University. In 1986, he successfully obtained a Bachelor of Laws degree and passed the judicial examination. He then opened his own law firm in Seongnam and became involved in human rights and labor movements. During this period, he was greatly influenced by former President Roh Moo-hyun and gradually grew into a human rights lawyer. In 1995, Lee Jae-myung actively participated in the civil rights movement and founded the Seongnam Citizens' Association. In 2002, when two hospitals in Seongnam closed, he initiated a movement calling for the construction of a new hospital, but this demand was rejected by the city council. He led protests but was wanted for obstructing public duty. This incident became a significant turning point in his political thought—he realized that relying solely on social movements could not achieve fundamental social change; institutional political participation was necessary to address the core issues. This ideological transformation laid an important foundation for his later formal entry into politics.
Political Career
· Early Campaigns: He failed to win the Seongnam mayoral election in 2006 and again lost in the 2008 National Assembly elections.
· Mayor of Seongnam (2010-2018): Elected as the mayor of Seongnam in 2010, he was re-elected in 2014. During his tenure, he repaid nearly 700 billion won in debts for Seongnam City, implemented welfare policies such as free school uniforms and youth dividends, and opened parts of the city government building as public space, setting a precedent in South Korean political history. However, he faced controversy for disbanding the Seongnam short track speed skating team, which indirectly led to athlete Ahn Hyun-soo winning an Olympic gold medal representing Russia.
· Governor of Gyeonggi Province (2018-2021): Elected as the governor of Gyeonggi Province in 2018 with 56.4% of the vote, he promoted policies such as "universal basic income." During the COVID-19 pandemic in 2020, he decisively searched the headquarters of the Shincheonji Church when church leaders refused to cooperate with government investigations, receiving public praise.
· Democratic Party Leadership Election: In August 2022, he was elected as the leader of the Democratic Party. On June 24, 2024, Lee Jae-myung resigned from the party leadership position and was re-elected in August 2024 with 85.4% of the vote. On April 9, 2025, he resigned from the Democratic Party leadership to fully focus on his presidential campaign.
· Presidential Campaign: He announced his candidacy for president in 2021 and represented the Democratic Party in the 2022 election, narrowly losing to Yoon Suk-yeol with 47.83% of the vote (a difference of 0.73%). In April 2025, Lee Jae-myung officially announced his candidacy for the 21st South Korean presidential election, becoming the Democratic Party's presidential candidate. On June 4, 2025, the South Korean Central Election Management Commission held a plenary meeting and officially confirmed Lee Jae-myung's election as president based on the ballot results of the 21st presidential election.
References:
https://it.chosun.com/news/articleView.html?idxno=2023092141993
https://www.joongang.co.kr/article/25341180
https://zh.wikipedia.org/zh-hans/%E6%9D%8E%E5%9C%A8%E6%98%8E
https://view.asiae.co.kr/article/2025060210104708501
https://www.fnnews.com/news/202505171728180396
https://zdnet.co.kr/view/?no=20250602150331
https://news.einfomax.co.kr/news/articleView.html?idxno=4358670
https://www.fnnews.com/news/202505211558214082
https://www.yna.co.kr/view/AKR20250529150400530
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