South Korea has elected a new president who advocates for the development of the cryptocurrency market and the implementation of new financial technologies.
This is reported by Business • Media
New President’s Crypto Approach
On June 3, 2025, left-party candidate Lee Jae-moon was officially elected president of South Korea. He received 49.42% of the votes, surpassing his right-conservative opponent Kim Moon-soo, who garnered 41.15%. Voter turnout was the highest in nearly three decades, reaching 79.4%.
The political atmosphere in the country remained tense following the impeachment of the previous head of state, Yoon Suk-yeol, whose policies to strengthen the military component faced significant public resistance.
Digital Finance Initiatives
The new administration plans to implement a series of reforms to strengthen South Korea’s position as a leader in digital finance in the region. Among the priorities is the approval of spot cryptocurrency ETFs, despite the existing ban, as well as the creation of a market for stablecoins pegged to the Korean won. Special attention will be given to completing the legislative regulation of digital assets with a focus on exchange transparency and control over the circulation of stablecoins. There are also plans to simplify regulations in special blockchain regions to encourage innovation.
“Lee Jae-moon stated that he would allow local trading of exchange-traded financial instruments, considering the success of such ETFs in the United States.”
In May 2025, the newly elected president emphasized the need to create a stable market for stablecoins based on the national currency to prevent capital outflow from the country.
It is worth noting that the previous president, Yoon, also promised deregulation of the crypto market; however, many initiatives were not realized due to resistance from the Financial Services Commission, which insisted on increased oversight to protect investors.
South Korea is among the largest global cryptocurrency markets. According to official data, by the end of 2024, 15.59 million people, or 30% of the population, had already invested in crypto assets. As of the end of February 2025, the number of cryptocurrency exchange users reached 16.3 million.