South Korean presidential candidate Hong Joon-pyo has pledged to eliminate crypto regulations, similar to the rollback during the Trump administration, to position blockchain as a key industry.
At a policy event in Seoul on April 16, Hong stated he would “dismantle regulations to the extent seen under the Trump administration” to foster blockchain and virtual assets as a unified industry, according to Yonhap News Agency.
Hong, a candidate in the People Power Party’s presidential primary, announced 27 pledges focused on economic growth, emphasizing support for future industries like artificial intelligence, quantum technology, and superconductors.
His stance differentiates him from other candidates by directly linking deregulation and blockchain development to the national economic strategy. The presidential election in South Korea, initially set for March 3, 2027, has been moved to June 3 this year following the impeachment and removal of Yoon Suk Yeol.
Hong’s commitment aligns with South Korea’s increasing interest in blockchain technology. The National Pension Service, the world’s third-largest public pension fund with over $800 billion in assets, is reportedly exploring blockchain to enhance transaction transparency and has invested in shares of U.S.-based crypto exchange Coinbase.
