Opposition candidate Lee Jae-myung, a prominent supporter of Bitcoin (CRYPTO: BTC), secured a decisive win in South Korea’s snap presidential election, paving the way for major digital asset reforms in Asia’s fourth-largest economy.
What Happened: The 61-year-old Democratic Party leader defeated the ruling People Power Party candidate Kim Moon-soo following months of political chaos triggered by his predecessor Yoon Suk Yeol‘s failed martial law declaration in December. Voter turnout reached 79.4%, the highest since 1997, as citizens sought to restore democratic stability, reported the BBC.
Lee’s crypto-friendly agenda includes legalizing spot cryptocurrency exchange-traded funds and allowing South Korea’s $884 billion National Pension Service to invest in digital assets.
“We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas,” Lee stated during May policy discussions, reported CoinTelegraph.
“I will create a safe investment environment so that young people can build assets and plan for the future,” Lee said in May, signaling priority focus on financial modernization.
Why It Matters: Lee faces immediate challenges beyond cryptocurrency policy. His administration must navigate trade negotiations with President Donald Trump‘s administration while managing domestic political divisions.
The victory represents a remarkable political comeback for Lee, who lost the 2022 presidential race by a narrow margin.
He still faces Supreme Court proceedings over alleged election law violations, though sitting presidents typically receive immunity from criminal prosecution except for insurrection or treason charges, according to the BBC report.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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