What happened?
Lee Jae-myung was sworn in as the new president of South Korea, winning the election with 49.42% of the votes. As a pro-crypto leader, he has promised to focus on economic recovery and renewal after the recent martial law crisis. Both leading presidential candidates supported pro-crypto regulations, suggesting a positive outlook for the crypto market in South Korea regardless of the election outcome.
Who does this affect?
These developments directly impact the 18 million people in South Korea who are involved in the crypto market. Traders and investors in South Korean crypto exchanges, which sometimes see volumes higher than traditional stock markets, will likely experience changes due to the new regulatory environment. Young people looking to invest in digital assets might also benefit from a safer investment environment and reduced transaction costs.
Why does this matter?
The election of a pro-crypto president could significantly boost the crypto market in South Korea by instituting favorable regulations and reducing dependency on foreign stablecoins. With initiatives like a won-backed stablecoin and institutionalized crypto spot ETFs, the market might see increased stability and growth. These policies might also lead to greater investment and economic revitalization, impacting both local and global crypto markets.