South Korean presidential candidate Hong Joon-pyo has promised to remove cryptocurrency regulations, drawing a parallel to the regulatory rollback seen during the Trump administration in the U.S. His commitment aims to advance blockchain technology in the country.
At a policy event in Seoul on April 16, Hong stated his intention to “dismantle regulations to the extent seen under the Trump administration,” with the goal of “promoting blockchain and virtual assets as a unified industry,” according to Yonhap News Agency. This bold move highlights Hong’s focus on deregulation as a key driver of technological and economic growth.
Hong, a candidate in the People Power Party’s presidential primary, also hosted a policy briefing that centered on the economy, labor, and science and technology. During this event, he unveiled 27 pledges aimed at fostering private-sector growth. Among these pledges were major commitments to emerging industries, such as artificial intelligence, quantum technology, and superconductors, which he believes are critical to South Korea’s future.
What sets Hong apart from other candidates is his clear connection between deregulation and blockchain development as part of South Korea’s broader national economic strategy per the report. This vision places blockchain at the heart of the country’s technological future, signaling a shift towards fostering innovation in the space. Additionally, the South Korean presidential election, originally set for March 3, 2027, has been moved to June 3 this year following the impeachment and removal of President Yoon Suk Yeol.
Hong’s stance aligns with South Korea’s increasing interest in blockchain. The country’s National Pension Service, which manages over $800 billion in assets, is reportedly looking into blockchain to improve transaction transparency. Moreover, the fund has made investments in shares of U.S.-based crypto exchange Coinbase, further demonstrating South Korea’s growing engagement with the crypto sector.
In line with this, South Korea is also moving to open its cryptocurrency market to international investors. King Sung-ji, head of the Financial Services Commission’s crypto division, indicated this shift during a seminar at the National Assembly. Although foreign investment is currently restricted due to stringent KYC regulations and capital account controls, these barriers may be eased through new regulations aimed at attracting global traders.
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