A South Korean presidential hopeful has pledged bold changes to cryptocurrency rules, aiming to boost blockchain innovation. Hong Joon-pyo, a candidate from the ruling People Power Party, promised to mirror U.S. deregulation under Trump’s administration, Yonhap News reported. Speaking at a policy forum, he outlined plans to nurture virtual assets as a key industry.
Hong, who stepped down as Daegu’s mayor last week, wants to integrate blockchain into public services. He envisions streamlined administrative processes through cutting-edge tech. With 30 years in politics, Hong has long pushed for crypto-friendly policies. In 2021, he slammed South Korea’s crypto tax as “regressive,” arguing it stifled innovation.
His stance comes amid political shifts. On April 4, South Korea’s Constitutional Court upheld the impeachment of President Yoon Suk-yeol, ousted after declaring martial law on December 3, 2024. The snap election, set for June 3, fuels debates on economic reforms, with crypto in the spotlight.
Hong’s deregulatory vision could reshape South Korea’s blockchain landscape. By easing rules and fostering public-sector adoption, he aims to position the nation as a crypto hub. As candidates vie for votes, his tech-forward agenda stands out, promising economic growth through innovation.
