South Korea’s crypto industry could be heading for a Trump inspired shakeup.
“In order to foster blockchain and virtual assets as a single industry, I will eliminate regulations as much as the Trump administration in the United States did,” Presidential candidate Hong Joon-pyo declared Tuesday at his campaign office in Seoul’s Yeouido district.
Hong promised to elevate blockchain and virtual assets into a fully recognized industry and introduce the technology into public services, according to a Yonhap News report.
The announcement arrives just days after former U.S. President Donald Trump signed a landmark resolution repealing a controversial IRS rule that had imposed traditional broker-style reporting requirements on decentralized finance (DeFi) platforms and developers.
It marked the first crypto-related legislation signed by any U.S. President and was hailed as a defining moment for industry deregulation.
Hong’s crypto-forward pivot comes amid rising pressure from South Korean lawmakers and experts to respond to Washington’s expeditious digital asset strategy.
That has been influenced by Trump signing an executive order to establish a Strategic Bitcoin Reserve, making the U.S. the first country to formally begin stockpiling crypto as a national asset.
Last month, financial leaders in Seoul called for integrating Bitcoin into national reserves and launching a won-backed stablecoin, moves aimed at preserving “monetary sovereignty” as USD-pegged stablecoins dominate global markets.
Still, resistance remains. The Bank of Korea on March 16 publicly ruled out holding Bitcoin as a reserve asset, citing its “price volatility” and failure to meet IMF standards.
With the U.S. now actively stockpiling Bitcoin and hosting White House crypto summits, South Korea’s political candidates are now showing that they don’t intend to fall behind.
Whether Joon-pyo’s promises translate into policy will depend on the outcome of an upcoming presidential election, expected as early as May, if current President Yoon Suk Yeol’s impeachment is upheld.
Edited by Stacy Elliott.
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