The new President of South Korea, Lee Jae-myung, has promised to support the launch of a Crypto Assets ETF and a won stablecoin.

On Tuesday, the voter turnout in South Korea reached 79.4%, the highest level in 28 years. Lee Jae-myung won with 49.42% of the votes, defeating his right-wing opponent Kim Moon-soo who received 41.15%.

Lee Jae-myung vowed to address South Korea's urgent economic challenges, including providing more support for low-income families and small business owners, while also committing to lay a stronger foundation for South Korea's cryptocurrency industry.

Lee Jae-myung's cryptocurrency commitment includes the launch of a spot cryptocurrency exchange-traded fund (ETF) in South Korea. Since the unexpected success of the US cryptocurrency ETF, South Korean financial authorities have been considering this plan. As of today, any local issuance and trading of cryptocurrency ETFs are prohibited.

Another key initiative is the approval of a stablecoin pegged to the Korean Won. Lee Jae-myung stated in a discussion last month that South Korea needs to establish a stablecoin market based on the Korean Won to prevent domestic capital outflow.

Under his leadership, South Korea will also begin to complete the second piece of legislation for the digital asset regulatory framework, which consists of two parts. The upcoming law will focus on stablecoin regulation and exchange transparency requirements.

Other cryptocurrencies promise to minimize regulation in designated areas for blockchain development to maximize innovation and efficiency.

Source: The Block