Global Attention on President Lee’s Virtual Asset Policies... Korean Won Stablecoin, Virtual Asset ETF, etc.

Following the snap presidential election held the previous day, candidate Lee Jae-myung has been elected president, and the overseas virtual asset (cryptocurrency) industry is expressing anticipation for President Lee’s virtual asset policies.

On the 4th (KST), the virtual asset-focused media outlet Block B reported that President Lee’s pledges include a spot exchange-traded fund (ETF) and a Korean won-linked stablecoin, evaluating that Korea’s virtual asset market may benefit.

In addition, the second phase of legislation following last July’s enactment of the ‘Virtual Asset User Protection Act’ was also cited as a noteworthy virtual asset policy to look forward to.

However, Block B also pointed out, “Even under the previous Yoon Suk-yeol administration, efforts were made to promote virtual assets, but many things were delayed during the three-year term.”

Meanwhile, during the election campaign, President Lee presented several virtual asset pledges: ▲Introduction of a Korean won-pegged stablecoin, ▲Legalization of investments in spot virtual asset ETFs, ▲Consideration of allowing ICOs and STOs, ▲Deferral of virtual asset taxation, ▲Strengthening investor protection, ▲Supporting the virtual asset ecosystem, ▲Strict punishment of illegal activities, ▲Easing of exchange regulations.