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South Korean presidential Candidate Hong Joon-pyo has pledged sweeping reforms to local blockchain and cryptocurrency regulations, signaling a potential shift in the nation’s approach to digital assets. The former mayor of Daegu and senior politician with nearly three decades in public service made the announcement during a policy meeting on Wednesday, according to local outlet Yonhap.
“To foster blockchain and virtual assets as an industry, I will reform regulations as much as the Trump administration in the United States,” Hong stated, positioning himself as a pro-innovation candidate in the People Power Party’s ongoing presidential primary.
Hong’s platform aims to integrate blockchain technology into South Korea’s public sector and administrative services, with a broader vision to drive national growth through disruptive technologies. He unveiled a 50 trillion Korean won ($35.1 billion) investment plan over five years in advanced sectors such as artificial intelligence, quantum computing, and room-temperature superconductors.
This is not Hong’s first foray into crypto advocacy. In 2021, he criticized the government’s move to tax cryptocurrencies, calling it “retrogressive” and urging the institutionalization of digital assets through clear legal frameworks.
His renewed push comes at a critical time. South Korea’s political landscape was shaken on April 4 when President Yoon Suk-yeol was officially removed from office following a Constitutional Court ruling that upheld his impeachment over a controversial martial law declaration. The June 3 presidential election is now fast approaching, and both major parties have yet to finalize their nominees.
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Hong is one of eight contenders vying for the People Power Party’s nomination. Meanwhile, the impeachment has bolstered the opposition Democratic Party of Korea, adding further volatility to the electoral race.
As global markets increasingly embrace digital finance, Hong’s crypto-forward stance could resonate with younger, tech-savvy voters eager for innovation—and regulation—that keeps pace with the times.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
