South Korea Elects Pro-Crypto President Lee Jae-Myung with a Wide Margin
Lee is considered a pro-crypto candidate due to his balanced views about digital assets.
Lee Jae-myung, a South Korean candidate for the Democratic Party, has won the presidency during a national election, securing 48% of the vote. Lee entered the election cycle, focusing on regulating cryptocurrencies as a key priority. Among Lee’s priorities, he promises to lift the ban on local Bitcoin ETFs and enable crypto investments for state-backed pension funds. Lee’s campaign focused on promoting Bitcoin spot ETFs, currently prohibited in South Korea. President Lee has pledged to allow South Korea’s $884 billion pension fund to have portions allocated to Bitcoin and crypto investments. He also envisions a South Korean won-backed stablecoin to encourage crypto use in the country and prevent capital flight. Lee aims to upgrade the country’s financial system and prevent capital outflow.
The local crypto community, including retail investors, views this presidential election as a victory for digital assets. Dennis Porter, founder of Satoshi Action Fund, noted the significant turnout and public support for the President’s crypto agenda. President Lee’s victory by a wide margin indicates potential strong support for his election promises.
Lee has promised to strengthen the economy by investing in artificial intelligence and national defense technology. He aims to create a secure investment environment for youth to save and invest for the future, allowing them to choose investments including cryptocurrencies and blockchain technology.
Despite previous pro-crypto candidates failing to deliver on their promises, President Lee’s significant win may signal a shift in policy and increased liberties for South Korean traders. The presidential election 2025 has been seen as a political resurgence, with crypto policies playing a significant role in the candidates’ platforms.
Time will reveal whether President Lee, with a strong mandate from the public, can fulfill his promises and navigate the challenges ahead, including potential trade conflicts and investigations.
