South Korean left-wing party candidate Lee Jae-myung has been elected the 21st president of the republic, garnering 49.42% of the total vote cast in the election.
Jae-myung, a pro-crypto candidate, had promised in his election campaigns that he would promote the local adoption of spot crypto ETFs.
He also pledged to establish a Korean Won-pegged stablecoin market to prevent domestic capital outflows. Following his victory, the new president promised not to disappoint expectations.
He, alongside his counterpart from the People’s Power Party (PPP), Kim Moon-soo, advocated for loosening the current crypto regulations. They believed they restricted the advancement of blockchain and its use. Both cited reforms that will improve cryptocurrency use and pave the way for innovation.
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