South Korea’s new president, Lee Jae-myung, says his presidency will take the necessary steps to reform cryptocurrency laws in the country—an announcement seen by crypto stakeholders as a major shift in the digital assets industry.
Lee, known for his support of free trade, contested and won the election following the impeachment of conservative leader Yoon Suk-yeol on April 4, 2025. The crypto-friendly President Lee won the contest with 49.42%, defeating right-wing rival Kim Moon-soo.
Among his promises are urgent economic reforms, with a focus on supporting low-income families and small businesses, as well as strengthening domestic digital assets. He has also pledged to introduce spot crypto ETFs and develop a won-backed stablecoin market.
Lee’s announcement is a major boost for the country’s crypto market, as spot ETFs are currently prohibited under existing financial rules.
He is expected to complete the second phase of South Korea’s digital asset legislation, with specific measures targeting stablecoin regulation and exchange transparency. This includes easing restrictions in blockchain innovation zones to accelerate local growth.
According to reports, South Korea is estimated to have around 10 million crypto users. The impeached Yoon once promised crypto reforms but was unable to implement them before his removal from office.
Recall that Lee announced his interest in running for president on April 10, and won the Democratic Party presidential primaries on April 27, becoming the party’s official flagbearer for the main election.
On June 3, 2025, Lee won the presidential election with 49.42% of the vote. He was sworn in the next day, June 4, 2025, and gave his inaugural address to the nation at the Rotunda Hall of the National Assembly.