Lee’s administration promises to remove the existing prohibition on spot Bitcoin ETFs and to sanction digital currency acquisitions for government-sponsored pension funds. It’s worth noting that Lee isn’t the first politician in South Korea to advocate for cryptocurrencies. Earlier leaders had promised to implement pro-crypto policies but faced numerous obstacles such as political instability and a sluggish South Korean market.

However, the global acceptance of cryptocurrencies has surged, with various countries now adopting crypto at both national and state levels. This shift has led the local digital asset community, including retail investors, to view this election as a significant victory for cryptocurrencies.

Dennis Porter, the founder of Satoshi Action Fund, lauded the election’s outcome as a testament to the public’s approval of the President’s cryptocurrency agenda. Porter, who was in South Korea for the election, hailed Lee’s commitment to allow a portion of South Korea’s $884 billion pension fund to be invested in Bitcoin and other cryptos as a significant win for the global crypto community.

Lee also plans to introduce a South Korean won-backed stablecoin to boost crypto usage in the country and curb capital flight. He aims to modernize the nation’s financial system and prevent capital outflow from depleting the nation’s wealth. Lee’s campaign centered around promoting Bitcoin spot ETFs, currently banned in South Korea.

The election, dubbed “judgment day” against the previous administration, saw a record voter turnout since 1997, with 80% of the nation’s 44.39 million eligible voters participating. With 99% of votes counted, the Democratic Party holds 49.3% of the vote, while the People Power Party holds 41.3%.

Lee, the Democratic Party’s frontrunner, has promised to unite the country post-election while addressing numerous challenges such as economic struggles, trade disputes, regional geopolitical conflicts, and a cost-of-living crisis. Lee has also pledged to bolster the economy by promoting businesses and potentially incorporating cryptocurrency regulations into the economic recovery plan.

With a significant election victory, Lee may have the freedom to implement his pro-crypto policies with minimal opposition. Lee’s commitment to stabilize the economy includes investments in artificial intelligence and national defense technology. He has also expressed his intent to endorse a won-backed stablecoin and allow public pension funds to invest in digital assets as part of a broader strategy to create a secure investment environment, especially for the younger generation.

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Lee emerged victorious in the election held on June 3, just half a year after the previous president, Yoon Suk-yeol, enacted martial law, leading to political turmoil. With 99% of the votes tallied by June 4, Lee, representing the center-left Democratic Party, garnered over 49% of the votes, outpacing his conservative People Power Party opponent, Kim Moon-soo, who secured 41% of the votes, according to the National Election Commission data.

As Reuters noted, nearly 80% of South Korea’s 44.4 million registered voters participated in the election, marking the highest voter turnout for a presidential election since 1997. Dennis Porter, the founder of Satoshi Action Fund, commented on this remarkable turnout while in South Korea on election day.

Lee has pledged to allow the country’s $884 billion national pension fund to invest in Bitcoin and other cryptocurrencies. Furthermore, he has supported the idea of launching Bitcoin exchange-traded funds (ETFs). Additionally, he plans to introduce a Korean Won-backed stablecoin to modernize the country’s financial system and prevent capital leakages.

Kim, his opponent, also ran a campaign supporting spot crypto ETFs and vowing to simplify regulations to foster crypto adoption. Bitcoin prices surged to 149,000 won (approximately $108,480) on South Korea’s top exchanges, Bithumb and Upbit, due to the so-called kimchi premium.

Lee takes office during a time of significant challenges for South Korea, including economic hardships due to increased living costs, ongoing trade negotiations with the US, and regional geopolitical tensions. It remains to be seen how high his crypto-related promises will rank in his list of priorities. However, he has pledged to “restore the economy” from day one.

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