A prominent South Korean presidential candidate is championing a significant shift in crypto policy, promising deregulation reminiscent of the Trump administration in the United States.
Hong Joon-pyo, competing in the People Power Party’s presidential primary, declared his intentions during a policy event in Seoul on April 16. He pledged to “dismantle regulations to the extent seen under the Trump administration,” aiming to nurture blockchain and virtual assets into a cohesive key industry, as reported by local media.
This pro-crypto stance is part of a larger economic vision presented by Hong, which includes 27 pledges focused on stimulating private-sector growth. His agenda highlights future-forward sectors such as artificial intelligence, quantum technology, and superconductor development.
Hong’s explicit connection between digital asset deregulation and national economic strategy sets his platform apart. This focus comes as South Korea prepares for an earlier-than-expected presidential election on June 3, following the impeachment of the former president.
The candidate’s proposal taps into growing institutional interest in blockchain within the country. South Korea’s National Pension Service, one of the world’s largest public pension funds with over $800 billion AUM, is reportedly investigating blockchain for operational transparency and has previously invested in US-based crypto exchange Coinbase.
Such deregulation could significantly alter the landscape for crypto tokens and blockchain development in the nation, marking a potential divergence from current regulatory trends.