Lee Jae-myung, South Korea’s New President, Pledged an Increase in Cryptocurrencies
The election of Lee Jae-myung, a vocal supporter of cryptocurrency innovation and a progressive, has ushered in a new political era in South Korea. After a failed martial law attempt, political disorder led to Yoon Suk-yeol being ousted as president, and an emergency snap election was held.
According to the National Election Commission, Lee, a combatant, Kim Moon-soo, almost 41%, won the election with 49% of the vote. With close to 80% voter turnout, which is the highest voter turnout in three decades, people were particularly worried about economic recovery and the digital rupee.
A Clear Pro-Crypto Vision
Lee’s campaign featured some daring crypto-friendly vows. He agreed to let South Korea’s $884 billion national pension fund pour cash into digital assets, including Bitcoin. He also promised to expedite the decision on local spot bitcoin ETFs, which would deliver institutional-grade access to South Korea’s crypto markets.
He also wants to create a stablecoin based on the Korean won. Lee thinks a digital currency is needed to avoid capital flight and modernize the financial infrastructure of South Korea. On March 2, Im Jaehun of the Democratic Party stated, “We need to develop a stable coin market that is anchored to the won to protect our national wealth.”
And there it is – all votes counted. Still very much a divided country with regionalism still playing a role. Lee Jae-myung the clear winner but couldn’t quite reach 50 percent. pic.twitter.com/Dyw1g6xELg
— Jason Bechervaise (@Jasebechervaise) June 3, 2025
Economic and Geopolitical Priorities
Apart from cryptocurrency, Lee has other issues. The economy of South Korea has faced some challenges lately. This is due to slowing growth and geopolitical tensions. Also, there is trade friction with global partners such as the United States. Lee has committed to boosting investment in artificial intelligence and defense to stimulate the economy and also depoliticize the prosecution system while introducing social reforms like a shorter workweek.
The newly elected president is taking over the political power at a time when the politics is fully divided and is likely to bring stability to the entire system. The National Assembly is already controlled by Lee’s party, which gives him legislative power with which he can execute his plans.
Crypto Outlook Under Lee’s Leadership
Even though many legal and regulatory obstacles remain — as current South Korean laws do not completely recognize crypto assets as financial assets — Lee’s presidency could hasten the creation of a stronger regulation. It is especially necessary for the legitimization of stablecoins and expansion of crypto investments.
Even with the political drama, South Korea still has a bright crypto future. Both of the leading candidates are in favor of blockchain innovation, which suggests that crypto regulation is one of the few bipartisan things in the country. South Korea’s 9.7 million crypto users can propel the country to the top of the global cryptocurrency market, reports show.
