South Korea vs. U.S.: The Crypto Race Begins as President Lee Jae-myung Pledges Full Support for Blockchain Development
TradingKey – Newly elected South Korean President Lee Jae-myung has vowed to accelerate crypto adoption, aiming to narrow the gap with the United States in digital asset innovation.
On Wednesday, left-wing candidate Lee Jae-myung secured victory in South Korea’s presidential election with 49.42% of the vote, defeating right-wing opponent Kim Moon-soo (41.15%). This shift in leadership marks the official start of South Korea's crypto competition with the U.S..
While South Korea is one of the largest cryptocurrency markets globally, with over 9.7 million active traders, it still lags behind the U.S. in crypto regulation and product development.
Currently, the U.S. boasts a mature crypto ecosystem, offering:
●USD-pegged stablecoins
●Bitcoin (BTC) and Ethereum (ETH) spot ETFs
●Comprehensive regulatory frameworks
By contrast, South Korea has yet to launch key products such as crypto ETFs or stablecoin initiatives. Although former South Korean President Yoon Suk-yeol had pledged to support crypto, his administration failed to implement significant policies.
Lee Jae-myung has repeatedly promised to drive crypto innovation, with plans to:
●Launch a Korean-won stablecoin
●Permit spot crypto ETFs
●Enhance regulatory clarity for digital assets
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