Lee Jae-Myung, friendly crypto, was elected on Wednesday as a new president of South Korea, beating the leader of the conservative party in office, Kim Moon-Soo.
During the elections, Lee made a number of promises to the cryptographic industry in South Korea, using the country’s 15 million investors in the country. These included the legalization of cryptocurrency negotiated funds and permission of institutional investors such as the National Pension Fund to make investments in certain cryptocurrencies and products, said the point of sale of local media, Herald Korea in May.
Lee also said that the country should support a Stablecoin market market to prevent the national wealth from fleeing abroad, “during a political discussion with the creators of YouTube, Herald reported.
The Democratic Party of Korea Lee won Kim from the Power Popular Party of Power, his opposition party, by nearly three million votes during the early elections. There were more than 17 million votes in total and Lee obtained 49.4%, according to data from the National Electoral Commission in South Korea.
South Korea has established new regulations for cryptographic companies in the past two years. Its national assembly adopted digital asset legislation in 2023. The user protection law of virtual assets has defined what were the digital assets and set penalties for unfair transactions. He also gave the Financial Services Commission Authority to supervise service providers. The country has also published guidelines to regulate security tokens at a similar time.
Now South Korea has started to allow non -profit organizations and exchanges to sell the crypto under new rules under the Financial Services Commission.
Countries and leaders in Asia – as in Pakistan and Hong Kong – have put pressure on more cryptography measures while the sector jumped to reach its current market capitalization of 3.4 billions of dollars and the crypto has become more common.
