South Korean presidential candidate Hong Joon-pyo promises to cut strict crypto rules.
Friendly crypto regulations in the U.S. have propelled bank charter applications and job creation, which Hong hopes to replicate.
Hong’s crypto regulation plans and ongoing AML policy-foreign investors discussions could spark growth for digital assets.
South Korean presidential candidate Hong Joon-pyo recently promised to ease crypto regulations, following the example set by Trump in the U.S.
SOUTH KOREAN CANDIDATE HONG JOON-PYO PLEDGES TRUMP-STYLE CRYPTO DEREGULATION
Hong Joon-pyo, a presidential candidate from South Korea’s ruling People Power Party, has vowed to dismantle crypto regulations “to the extent seen under the Trump administration.”
He believes cutting red tape will unlock the potential of blockchain technology and support the nation’s economic growth and recovery.
Is Trump’s Crypto Regulations Becoming an Electoral Strategy in Asia?
Hong Joon-pyo, a leading candidate in the People Power Party’s presidential primary, unveiled his policy blueprint on April 16 at the Daeha Building in Yeouido, according to a local news report.
The candidate stated that, like the Trump administration in the U.S., he would follow a similar regulatory rollback to create a supportive environment for digital assets and blockchain development.
Hong Joon-pyo is betting that the same formula could work in South Korea and also capture the enthusiasm of pro-crypto voters ahead of the Presidential election to be held on June 3, 2025.
South Korea is a global crypto hotspot. With over 15 million crypto users — many of them young and politically engaged — crypto policies are bound to be a key issue heading to the polls.
Last year, during the parliamentary elections, both parties courted these young voters — many of whom are in their 20s and 30s — by making a series of promises, including tax delays.
Just like in the U.S., where crypto PACs spent over $100 million to support candidates, South Korean voters are bound to shape policy debates and decide who wins power in Seoul.
Hong’s attempt to mirror President Trump’s crypto strategy follows a wave of international developments that put pro-crypto policies in the spotlight.
Trump’s administration replaced key regulators with more crypto-friendly figures. Mark T. Uyeda succeeded former SEC Chair Gary Gensler, and a new CFTC chair was appointed to reshape the crypto policy.
50 Trillion Pledge: Hong’s Vision Extends to AI and Quantum Tech
Beyond crypto, Hong outlined five key economic strategies.
These included plans for a public-private economic revival, super-gap technology-led growth, fairer distribution based on productivity, people-centered job creation and welfare, and responsible national debt management tied to economic growth.
He pledged an investment of at least 50 trillion won over the next five years to back these goals. This funding would target the artificial intelligence and quantum technology sectors.
Hong’s plans show the nation’s growing interest in blockchain and digital assets.
The fund had earlier also bought over 280,000 shares in Coinbase. These moves suggest that crypto is no longer fringe in South Korea. It’s becoming a central pillar of investment, strategy, and perhaps election politics.
Could Banking Alliances Spur Crypto Growth?
South Korea’s banks are also pushing for practical changes in how crypto services are delivered.
Banks argue that exclusivity has skewed the benefits, and a potential change would better serve institutional clients and offer regular users more options.
Meanwhile, South Korea’s financial regulator is showing a willingness to revisit another key issue: foreign investor access to the domestic crypto market. Right now, non-residents are blocked due to strict know-your-customer (KYC) rules.
One major roadblock is the requirement for users to link exchange accounts to locally registered bank accounts.
However, Kim Sung-jin, who heads the virtual asset division at the Financial Services Commission (FSC), has recently voiced support for easing these restrictions.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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