New South Korean President Lee Jae-myung Backs Crypto ETFs and Won-Backed Stablecoins

In Brief:

President-elect Lee Jae-myung pledges to support spot crypto ETFs and launch a Korean won stablecoin market.

His administration plans to ease blockchain regulations and modernize digital asset oversight.

South Korea has elected Lee Jae-myung as its new president, with 49.42% of the vote, defeating conservative candidate Kim Moon-soo. Lee, representing the left-wing party, has outlined a bold crypto agenda that includes support for domestic spot crypto ETFs and the development of a Korean won-pegged stablecoin ecosystem.

According to Mars Finance, Lee’s crypto policies aim to position South Korea as a global leader in digital asset innovation. He plans to reform the country’s regulatory framework for digital assets, reduce red tape in select blockchain sectors, and encourage technological development by easing compliance burdens.

One of Lee’s cornerstone proposals is the legalization of spot cryptocurrency ETFs—a significant shift for South Korea, which has so far lagged behind markets like the U.S. in approving regulated crypto investment vehicles. His administration also intends to introduce a framework for stablecoins backed by the Korean won to support financial innovation and reduce reliance on foreign digital assets.

South Korea is already one of the largest crypto markets globally, with approximately 9.7 million users—nearly 20% of the country’s population—engaged in digital asset trading. Lee’s election marks a potential turning point, particularly after previous President Yoon Suk-yeol failed to deliver on earlier pro-crypto promises.

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