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.

The post South Korea’s Newly Elected Pro-Digital Currency President Lee Jae-Myung Triumphs in National Election appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Zhao, it is better known through the initials CZ, it tries to get the Binance registered through regulator of French markets and AMF as the DASP.

Previous year, various national regulators, includes those in Italy, Britain and Germany issued warnings related to Binance and crypto. Few of them also said it was operating devoid of licence in the jurisdictions. Others also cautioned it by using their services.

Binance and regulationsa

Binance also has said that it also welcomes the regulation and it also works quite closely with the authorities across entire world. Zhao also said that government related to the French President Emmanuel Macron also had the welcoming attitude. It is for mainly largely unregulated sector of crypto currency.

France also has few pro-businesses, some of the regulations of pro-crypto and even the attitude towards the government of the industry. They also mention the packed conference which hosted in historic building of Paris stock exchange.

Binance is best cryptocurrency exchange of France. However, the exchange narrate previous month it had been grant with the licence to simply conduct operations in Dubai. It is from where it also plans to carry the regional business. In the meantime, central bank of the Bahrain has even given it the service provider licence of crypto-asset.

Zhao, that has floated idea previous last year that France can also become home to the international headquarters of Binance. It also has made not mention during the speech where Macron faces has far-right leader in the runoff.

Moreover, Binance boss has also pledged to invest almost 100 million euros in the France. He says that he signed the deal to grant almost 2 million euros for restoration of the room.

Binance says in the response that it offers driving with the higher standards in crypto industry. Zhao also has earlier say that Binance has withheld information from the regulators.

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