South korea elects crypto-friendly lee jae-myung as new president

lee jae-myung has been elected as the new president of south korea, marking a pivotal moment for the nation's rapidly growing crypto sector. defeating conservative party candidate kim moon-soo by nearly three million votes, lee secured 49.4% of the total votes, according to data from the national election commission.

during the campaign, lee made numerous pro-crypto promises to appeal to the country’s estimated 15 million crypto investors. he pledged to legalize spot cryptocurrency etfs and enable institutional investments from major players such as the national pension fund. lee also voiced strong support for building a won-based stablecoin ecosystem to prevent capital outflow to foreign markets.

his victory comes amid significant regulatory developments in south korea. the country recently passed the virtual asset user protection act, which defines digital assets, sets penalties for unfair transactions, and grants oversight authority to the financial services commission. new rules also allow non-profits and exchanges to sell crypto under formal guidance.

lee’s presidency signals a continuation of asia’s broader move toward embracing digital assets, with countries like hong kong and pakistan also advancing regulatory frameworks as crypto reaches a $3.4 trillion global market cap.