South Korea’s new president, Lee Jae-myung , has officially taken office, sparking hope for a more progressive and crypto-friendly policy direction in the country. Representing the center-left Democratic Party, he secured over 49% of the votes, defeating conservative rival Kim Moon-soo by an 8% margin, according to near-final data from the National Election Commission on June 4. The special election came just six months after former President Yoon Suk-yeol imposed martial law, triggering widespread unrest and a call for fresh leadership. With nearly 80% of the country’s 44.4 million eligible voters casting their ballots, this year’s turnout marks the highest in a South Korean presidential election since 1997. The result was celebrated as a strong mandate for change, with a focus on modernizing the financial system, rebuilding trust in governance, and embracing new technologies, particularly in the crypto space. Crypto at the Core of Lee’s Campaign Promises Lee’s victory has drawn global attention for his progressive stance on digital assets. Throughout his campaign, Lee pledged to allow South Korea’s $884 billion national pension fund to invest in Bitcoin and other cryptocurrencies. He also supported the introduction of spot Bitcoin exchange-traded funds (ETFs), a move that could significantly enhance crypto market legitimacy and participation within the country. Additionally, Lee proposed the launch of a Korean Won-backed stablecoin to stem capital outflows and increase domestic financial innovation. “We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas,” he said during a policy forum in May. His opponent, Kim Moon-soo, also expressed support for expanding the crypto sector, though Lee’s broader and more detailed plans appear to have resonated more with voters. Economic Recovery and Institutional Reforms Following the election news, Bitcoin prices briefly surged to 149 million Korean won (approximately $108,480) on major Korean exchanges such as Bithumb and Upbit — a near 2% premium over global averages — indicating strong domestic enthusiasm for crypto. While crypto was a key theme of the new president’s campaign, he faces broader economic and political challenges ahead. In his first public address after the election, Lee emphasized the need for immediate economic recovery, a depoliticized judicial system, and institutional reform. He also promised to introduce a four-and-a-half-day work week, boost AI and defense investments, and prevent any recurrence of military takeovers. The post Crypto Supporter Lee Jae-myung Sworn in as South Korea’s New President appeared first on TheCoinrise.com .
