South Korea Elects Pro-Bitcoin Lee Jae-myung as President

The pro-Bitcoin presidential candidate from the liberal Democratic Party, Lee Jae-myung, has won election in South Korea, who has proclaimed to legalize Bitcoin ETFs as well as introduce a won-backed stablecoin. 

Lee has articulated a progressive stance on cryptocurrency during his election campaigns, with him supporting major institutional investors, including the National Pension Fund, to invest in cryptocurrencies. This approach aims to integrate digital assets into South Korea’s economy while providing appropriate regulatory frameworks. 

While showing support for Bitcoin, Lee has pledged to approve spot Bitcoin exchange-traded funds (ETFs) in South Korea. The move aims to provide investors with a regulated way to invest in cryptocurrencies, aligning with global financial trends.

However, the strict laws in South Korea—looked after by the Capital Markets Act—may put barriers against such implementation, as past promises on crypto have faced hurdles, and risks like market volatility or illicit activities could complicate things. While the election result and his stance are credible, success depends on navigating regulatory challenges.