How South Korea’s Next President Might Change Crypto, Economy & Politics in East Asia
The main opposition People’s Power Party candidate Yoon Suk-yeol has won the race to become South Korea’s next President. Crypto policy was a key battleground in his victory – by less than a single percentage point – over his centrist rival from the ruling Democratic Party.
Here’s how crypto, South Korea – and the wider East Asian area – could change under his rule.
As reported, Yoon, meanwhile, has promised to “review” a ban on all forms of crypto issuance on South Korean soil, which has been in existence since 2017. He said he would “actively create an environment where young people can invest [in crypto] with confidence.” And he also pledged to create a Digital Industry Promotion Agency to support the domestic crypto industry. The body will also create policy for cryptoassets and NFTs.
He further stated he wanted to allow companies to launch initial exchange offerings (IEOs).
However, much of his crypto policy appears to have been reactive: His rival at the polls Lee Jae-myung had pledged even more pro-crypto reforms, and both had been attempting to woo younger, crypto-keen voters. Only time will tell if Yoon will stay true to his crypto promises.
Yoon’s biggest stumbling block is likely to be the National Assembly, which is still dominated by the Democratic Party. The South Korean parliament is single-chambered, and the Democratic Party holds 172 out of a total 300 seats.
The next legislative election will not take place until April 2024, meaning Yoon will likely face considerable pushback unless he finds a way to get the Assembly on his side. The People’s Power Party has just 110 seats.
Yoon has talked about “resetting” relations with China, which have improved under President Moon Jae-in. But Yoon, and the People’s Power
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