The presidential candidate of South Korea from the “People Power Party,” Hong Joon-pyo, has promised to implement extensive reforms in the regulation of cryptocurrencies. He stated that he intends to lift the restrictions imposed during Donald Trump’s presidency to promote the development of blockchain technologies and virtual assets as an important sector of the economy.
This is reported by Business • Media
According to the politician, as part of his program, he plans to incorporate blockchain into government services and administrative processes, as well as create favorable conditions for the growth of the virtual asset industry. Hong Joon-pyo emphasized that this initiative is supported by the desire to make cryptocurrencies and blockchain more legal and regulated in the country, which will facilitate their widespread adoption.
Investments in Artificial Intelligence and Cutting-Edge Technologies
Additionally, the candidate intends to invest approximately $35.1 billion in research and development of artificial intelligence technologies, quantum computing, and superconductors. This will be part of his broader strategy to support scientific and technological progress and strengthen the country’s competitive position in high-tech sectors.
Previously, Hong Joon-pyo opposed taxing cryptocurrencies, viewing this approach as an obstacle to the industry’s development. He called for the establishment of a legislative framework for the institutionalization of digital assets, which would promote the legal and stable functioning of the market.
Current State of Cryptocurrencies in South Korea
As of the end of February 2025, over 16.2 million users are registered on the five leading cryptocurrency exchanges in the country, accounting for more than 32% of the population. This indicates a significant level of interest in digital assets among South Koreans. In comparison, the number of investors in the stock market is around 14 million.
It is also important to note that the financial sector regulator in South Korea reported the removal of 14 crypto applications from the Korean App Store by Apple, including the exchanges KuCoin and MEXC, at the request of the financial intelligence unit.