Hong Joon-pyo, a leading candidate in South Korea’s right-wing presidential primary, has vowed to overhaul the country’s cryptocurrency regulations and expand investment into advanced technologies, aligning his stance with recent changes seen in the United States.
Speaking at a policy forum on Wednesday, the former mayor of Daegu promised to “reform regulations as much as the Trump administration in the United States” to nurture blockchain and virtual asset industries, according to a report from Yonhap News.
Hong said his administration would seek to integrate blockchain into government operations and public services to leverage the role of digital assets in modernizing the national economy.
Beyond crypto, Hong unveiled a bold investment plan pledging at least 50 trillion won ($35.1 billion) over five years for research and development in artificial intelligence, quantum computing, and room-temperature superconductors. The pledge falls under his broader “growth driven by disruptive tech” platform.
Hong, a veteran politician with three decades of public service, has long advocated for pro-crypto policies. In 2021, he criticized the government’s push to tax digital assets, calling the move regressive and urging lawmakers to build a proper legal framework for emerging technologies.
His candidacy comes at a pivotal time in South Korea. President Yoon Suk-yeol was removed from office earlier this month after the Constitutional Court upheld his impeachment over a controversial martial law declaration in late 2024. The upcoming June 3 election remains wide open, with neither major party having officially selected a nominee.
Hong is one of eight contenders in the conservative People Power Party’s primary race. Yoon’s ousting improved the chances of the opposition Democratic Party, setting the stage for a an election with tech policy and crypto regulation at the center of debate.
Despite stricter regulations, South Korea remains one of the most active crypto markets, particularly for altcoin trading. Data shows that Upbit, the country’s largest exchange, processed over $187 billion in transactions in January, making it the fourth-largest centralized exchange by trading volume globally.
The country’s first regulatory framework was implemented in July last year after being passed in 2022 and focused on safeguarding investors. Key measures included requiring exchanges to store at least 80% of user crypto deposits in separate cold wallets to minimize risks of mismanagement.
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