South Korean presidential candidate Hong Joon-pyo is making waves with his promise to ease crypto regulations in the country, taking inspiration from the Trump administration’s approach in the U.S. Hong believes that cutting red tape around crypto regulations will unlock the potential of blockchain technology and support economic growth and recovery in South Korea.
With over 15 million crypto users in the country, many of whom are young and politically engaged, crypto policies are expected to be a key issue in the upcoming Presidential election on June 3, 2025. Just like in the U.S., where crypto PACs have played a significant role in supporting candidates, South Korean voters are likely to influence policy debates and determine the outcome of the election.
Hong’s pledge to mirror President Trump’s crypto strategy comes at a time when pro-crypto policies are gaining traction globally. In the U.S., the Trump administration appointed more crypto-friendly regulators and signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile that includes Ethereum, Ripple, Solana, and Cardano.
In addition to his crypto regulation plans, Hong has outlined five key economic strategies, including public-private economic revival, technology-led growth, fair distribution, job creation, and responsible debt management. He has pledged to invest at least 50 trillion won over the next five years, focusing on artificial intelligence and quantum technology sectors.
South Korea’s banks are also pushing for changes in how crypto services are delivered, advocating for relaxation of rules that restrict crypto exchanges to exclusive partnerships with just one bank. Additionally, the country’s financial regulator is considering revisiting the issue of foreign investor access to the domestic crypto market, potentially easing strict KYC rules that currently block non-residents from participating.
Overall, Hong Joon-pyo’s promise of ‘Trump-style’ crypto deregulation has the potential to spark growth in the digital assets sector in South Korea and attract more investors and businesses to the country. With a growing interest in blockchain and digital assets, South Korea is poised to become a key player in the global crypto market.