A prominent South Korean presidential candidate has pledged to create a more favorable regulatory environment for cryptocurrency and blockchain, drawing parallels to policies implemented during the Trump administration in the United States.

Bold Vision for Blockchain and Crypto in South Korea

Hong Joon-pyo, a candidate in the People Power Party’s presidential primary, has announced plans to “dismantle regulations to the extent seen under the Trump administration” as part of a broader strategy to “foster blockchain and virtual assets as a single industry.”

The announcement came during a policy event held in Seoul on April 16, where Hong outlined his economic vision for South Korea. According to reports from Yonhap News Agency, the candidate presented 27 pledges centered on private-sector growth, with significant emphasis on emerging technologies.

Future-Focused Economic Strategy

Hong’s economic platform extends beyond cryptocurrency to encompass other cutting-edge technologies, including:

  • Artificial intelligence
  • Quantum technology
  • Superconductors

His approach distinguishes him from other candidates by explicitly connecting blockchain deregulation with national economic development strategy. This positions crypto and blockchain technologies as potential pillars of South Korea’s future economic growth.

Accelerated Election Timeline

The South Korean presidential election, originally scheduled for March 2027, has been moved forward to June 3 this year following the impeachment and removal of President Yoon Suk Yeol. This compressed timeline adds urgency to policy discussions around emerging technologies.

Growing Institutional Interest in Blockchain

Hong’s proposal aligns with South Korea’s increasing institutional interest in blockchain technology. The National Pension Service of South Korea—the world’s third-largest public pension fund managing over $800 billion in assets—is reportedly exploring blockchain implementation to enhance transaction transparency.

The pension fund has also reportedly invested in shares of U.S.-based cryptocurrency exchange Coinbase, signaling growing mainstream acceptance of crypto assets in South Korean financial institutions.

Potential Implications for Crypto Markets

If implemented, Hong’s deregulatory approach could position South Korea as a more welcoming jurisdiction for cryptocurrency innovation and investment. This could potentially attract blockchain entrepreneurs and capital to the country, similar to how certain U.S. states have benefited from crypto-friendly policies.

The upcoming presidential election represents a critical juncture for the future of Bitcoin and the broader cryptocurrency ecosystem in South Korea, a country already known for its technological advancement and digital adoption.

DISCLAIMER: This article is provided for informational purposes only and does not constitute financial advice. Cryptocurrency investments involve significant risk, including the potential for substantial or complete loss of capital. Political developments and regulatory changes can dramatically impact crypto markets. Before making any investment decisions, consult with a qualified financial advisor familiar with your specific circumstances and risk tolerance. Market conditions can change rapidly, and past performance does not guarantee future results. Always conduct thorough research before investing in cryptocurrency or blockchain-related assets.