South Korean Presidential Contender Vows to Push Crypto “As Much As” Trump

On Apr 16, 2025 at 1:04 pm UTC by · 2 mins read

South Korean candidate Hong Joon-pyo vows pro-crypto policies, aiming to boost blockchain, AI, and R&D while opposing strict stablecoin regulations.

One of South Korean presidential candidates, Hong Joon-pyo, has disclosed that he intends to take a similar stance to Trump’s policies on crypto regulations. Like the current US president, Hong has openly incorporated deregulation and blockchain development in his economic plan for South Korea.

Hong noted that he would add efficiency to the public sectors and linked services by using blockchain. If successful, this would be a stark contrast from South Korea’s current policies on cryptocurrencies and blockchain.

The South Korean presidential candidate was against the government’s policy in 2021 that implemented cryptocurrency taxation, stating that it was affecting development and hoped that the government would instead invest in disruptive technologies.

Hong’s Interest in Disruptive Technologies

Hong, who is currently vying to be the presidential candidate for South Korean right-wing party, People Power Party (PPP) announced that he will also make changes in disruptive technologies like AI, superconductors and quantum technology.

As part of his future roadmap, Hong has stated that his administration will invest more than $35.1 billion in research and development of innovative technologies like superconductors, AI and quantum technology.

Hong’s stance is in line with locals’ rising interest in blockchain, as the National Pension Service in South Korea is reported to be researching on how to improve transparency with blockchain.

South Korea’s Proposed Basic Digital Asset Act

This comes at a time when South Korean crypto industry experts have complained about the recent draft bill, Basic Digital Asset Act, which regulates the stablecoin sector. The proposed bill would force stablecoin issuers based in South Korea to apply for permission from the Financial Services Commission before issuing any coin.

This bill exempts foreign-issued stablecoins like USDT from seeking approval, and thought leaders believe that it would be unfair to the growth of local stablecoin platforms.

Share:

Related Articles

TRUMP Faces Heavy Sell-Off as the President Mulls Debuting a Crypto Game

By April 16th, 2025

Two whales sold $4.94 million worth of TRUMP tokens as Donald Trump is reportedly planning to debut a Monopoly-style crypto game.

Should You Sell Before It’s Too Late? Trump Coin Braces for Massive Insider Unlock

By April 14th, 2025

The Official Trump (TRUMP) meme cryptocurrency, backed by United States President Donald Trump, is facing renewed attention this week as it gears up for a major token unlock that could inject fresh volatility into the market.

Here’s How Melania Trump’s Meme Coin Has Been Executing Soft Rug Pulls

By April 10th, 2025

The team behind the official meme coin of Melania Trump, the First Lady of the United States, has been tampering with the meme coin’s liquidity in a technique similar to a rug pull project.

Exit mobile version