Hong Joon-pyo aims to model South Korea’s crypto strategy after Trump
He promises to integrate blockchain into public services if elected.
South Korea’s presidential candidate Hong Joon-pyo has vowed to deregulate the country’s cryptocurrency industry. Hong declared his intent to foster blockchain and virtual assets as a fully recognised industry, introducing the technology into public services.
His statement follows recent US moves to ease crypto regulations, including Trump’s resolution removing IRS reporting requirements for DeFi platforms.
Hong aims to align South Korea’s digital asset policies with the US’s lenient stance, bolstered by initiatives like the Strategic Bitcoin Reserve.
The push to embrace cryptocurrencies comes amid growing calls from South Korean lawmakers to integrate digital assets into the country’s financial system.
However, opposition remains, with the Bank of Korea recently rejecting the idea of holding Bitcoin in reserves due to its price volatility.
With the US leading on crypto initiatives, South Korea’s presidential race could soon determine whether Hong’s plans will shape the nation’s future approach to blockchain.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
About author
DW Team
The GIP Digital Watch Observatory team, consisting of over 30 digital policy experts from around the world, excels in the fields of research and analysis on digital policy issues. The team is backed by the creative prowess of Creative Lab Diplo and the technical expertise of the Diplo tech team.
