South Korea Elects Pro-Crypto President with Plans for Stablecoin and ETFs

Highlights:

• Lee Jae-myung has won the South Korean presidency and pledged strong support for digital asset development.
• His plans include allowing crypto ETFs and launching a Korean won-backed stablecoin.
• The crypto market expects faster progress as Lee forms a digital asset committee to push forward new policies.

Lee Jae-myung has been sworn in as the country’s new president after receiving 49.42% of the votes in the election. His win came soon after an election was called after the previous president, Yoon Suk-yeol, was impeached for declaring a martial law order this year. Due to the political turmoil, 79.4% of eligible voters participated in the elections, which was one of the highest voter numbers in several decades. The vote count showed Lee defeating Kim Moon-soo of the People’s Power Party, who received 41.15%.

🚀🇰🇷HUGE WIN FOR CRYPTO! South Korea elects pro-crypto Lee Jae-myung as President! 🔥

Pledging to legalize spot #Bitcoin ETFs & launch a won-backed stablecoin, he’s set to make SK a global crypto hub! #LeeJaeMyung #SouthKorea pic.twitter.com/Zl6MCCBwHy

— Crypto Technical Minds (@ct_minds) June 4, 2025

Lee took office with several promises, including tackling economic hardship and ensuring political stability. During a public address in Seoul, he pledged to begin efforts to restore the economy from his first day in office. He also promised that no more military coups would take place under his leadership. His broader agenda includes investment in artificial intelligence and defense, overhauling the prosecution system, and adopting a shorter work week.

South Korea Elects Pro-Crypto President With Digital Assets and Stablecoin Plans

The new president ran a campaign that placed digital assets among his top policy priorities. Lee made several promises related to cryptocurrencies, such as allowing the launch of spot crypto exchange-traded funds. He also proposed allowing South Korea’s national pension fund to invest in digital assets, including Bitcoin. Speaking at an event in North Chungcheong Province on May 6, Lee emphasized that a safer environment for investment would help young people secure their future.

He further committed to developing a stablecoin backed by the Korean won. This proposal hopes to prevent domestic funds from going into foreign stablecoins such as USDT and USDC. Lee believes that using a local stablecoin could help the country use fewer foreign coins and enhance its financial outlook. He also suggested the creation of an integrated monitoring system to oversee crypto activities and ensure transparency.

Under his leadership, South Korea will continue building its digital asset framework. The first phase began last year, and the second phase is expected to include new measures for exchange operations and stablecoin management. The Financial Services Commission is preparing to introduce this legislation in the second half of the year. In addition, the country has formed a national digital asset committee to support policymaking and legal drafting. Representative Min Byeong-deok, who leads the committee, said it should work directly under the president to ensure proper implementation of crypto policies.

Crypto Market Eyes Policy Action After Election Victory

In spite of some setbacks, the crypto market in South Korea has continued to be active. With nearly 18 million people involved in digital assets, South Korea is considered one of the most active countries in crypto trading. Local trading volumes have even surpassed those of major stock indices like Kospi and Kosdaq at certain times.

Both Lee and Kim Moon-soo highlighted the importance of crypto policy changes and the need for a local stablecoin during their presidential campaigns. Nevertheless, crypto users expect faster changes now that Lee has been elected. While past leaders also promised democratic reforms, the changes were delayed because of strong opposition within the system. The crypto community is watching closely to see if Lee’s administration will honor the promises made during the campaign period.