Crypto-friendly Lee Jae-myung was elected as South Korea's new president on Wednesday, defeating the incumbent Conservative Party's leader Kim Moon-soo.

During the election Lee made a number of promises to South Korea's crypto industry, appealing to the nation's 15 million crypto investors. These included legalizing spot cryptocurrency exchange-traded funds and allowing institutional investors like the National Pension Fund to make investments into certain cryptocurrencies and products, local media outlet The Korea Herald said in May.

Lee also said the country should support a won-based stablecoin market "to prevent national wealth from leaking overseas," during a policy discussion with YouTube creators, The Korea Herald reported.

The Democratic Party of Korea's Lee won against Kim from the People Power Party, its opposition party, by nearly three million votes in the snap election. There were more than 17 million votes in total and Lee secured 49.4% of them, data from South Korea's National Election Commission showed.

South Korea has established new regulations for crypto companies over the past two years. Its National Assembly passed legislation for digital assets in 2023. The Virtual Asset User Protection Act defined what digital assets were and set penalties for unfair transactions. It also gave the Financial Services Commission authority to oversee service providers. The nation also published guidelines for regulating security tokens around a similar time.

Now South Korea has started letting non-profits and exchanges sell crypto under new rules under the Financial Services Commission.

Countries and leaders in Asia — like in Pakistan and Hong Kong — have been pushing for more crypto measures as the sector has jumped to reach its current $3.4 trillion market cap and crypto has become more mainstream.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。