South Korea's new president Lee Jae-myung actively promotes encryption asset policies

Lee Jae-myung was elected as the new president of South Korea with a record-breaking voter turnout, and his encryption currency policy became one of the hot topics of this election. As a "pro" crypto asset politician, Lee Jae-myung proposed a series of positive policy initiatives aimed at making South Korea a "digital asset hub."

As early as his campaign in 2022, Lee Jae-myung demonstrated his supportive attitude towards encryption assets. He is the first presidential candidate in the world to raise campaign funds by issuing NFTs. Lee Jae-myung promised to officially recognize the virtual asset industry and safeguard various related business opportunities. He also stated that he would consider allowing Initial Coin Offering ( ICO ) and establish a stable regulatory system for this purpose.

In this election, Lee Jae-myung further expanded his encryption policy proposals. He promised to promote the institutionalization of spot ETFs for virtual assets and to build an integrated regulatory system. The Democratic Party of Korea also established a Digital Asset Committee dedicated to formulating the "Basic Law on Digital Assets" to establish a legal framework for encryption assets and stablecoins.

Lee Jae-myung supports the issuance of a Korean won-pegged stablecoin to reduce the capital outflow issues caused by foreign currency stablecoins. He believes that "a stablecoin linked to the won should be issued to prevent the outflow of national wealth."

In terms of institutional investment, Lee Jae-myung proposed allowing the national pension fund and other government agencies to invest in encryption after meeting stability standards. His team emphasized that this is not a speculative investment, but a diversification investment strategy that aligns with international optimization models.

Regarding the regulation of cryptocurrency exchanges, Lee Jae-myung proposed the establishment of a comprehensive monitoring system, with the government guiding the reduction of market trading costs. His team hinted at a tendency to relax exchange regulations and enhance market competitiveness.

In terms of taxation, the Democratic Party, led by Lee Jae-myung, proposed to gradually implement a tax on encryption asset transactions, but plans to significantly increase the deductible tax exemption to alleviate the tax burden on ordinary investors, especially young people.

Lee Jae-myung's victory signifies a potential significant change in South Korea's policy direction regarding encryption assets. From institutional building to capital market integration, his "new encryption policy" is starting to take shape. In the context of global strengthening of cryptocurrency compliance regulation, whether South Korea can achieve its goal of becoming a "digital asset center" is worth the market's continued attention.