Lee Jae-myung, the opposition leader of South Korea’s Democratic Party, has been elected president following a decisive snap election victory. His win marks a potential turning point for the country’s crypto policy, as he campaigned on a platform that included major crypto-friendly reforms.
With nearly all votes counted, Lee secured over 49% of the vote, defeating conservative rival Kim Moon-soo, who received 41%, according to data from the National Election Commission. Voter turnout reached almost 80% of the country’s 44.4 million eligible voters—the highest in a presidential race since 1997.
The June 3 election followed months of political instability after former President Yoon Suk-yeol declared martial law, sparking public backlash and forcing early elections.
A Pro-Crypto Agenda
Lee’s victory has sparked excitement in crypto markets and among digital asset advocates. He has pledged to:
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Allow South Korea’s $884 billion national pension fund to invest in Bitcoin and other crypto assets
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Approve spot Bitcoin ETFs
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Launch a Korean won-backed stablecoin to strengthen domestic financial infrastructure and prevent capital outflows
“We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas,” Lee said in a May policy forum.
Though his opponent also supported crypto ETFs and regulatory reform, Lee’s broader agenda signals a stronger government embrace of digital assets.
Market Reaction
In the wake of the election results, Bitcoin traded at a premium on South Korean exchanges, hitting 149 million won ($108,480) on platforms like Bithumb and Upbit, nearly 2% higher than global averages—a reflection of the so-called kimchi premium.
What’s Next
Lee takes office at a time of rising living costs, ongoing trade negotiations with the U.S., and growing regional tensions. While it’s not yet clear how prominently crypto policy will feature in his administration, Lee promised economic reforms from day one.
In his victory speech in Seoul, he said his focus would be to ”restore the economy,” invest in AI and defense, and ensure military coups ”never happen again.”
He also pledged to push for social reforms, including a four-and-a-half-day work week, and to depoliticize South Korea’s prosecution system.
Featured image from: cnn.com