News 
April 16, 2025 
5 min. 
South Korean presidential candidate Hong Joon-pyo, representing the ruling People Power Party, has announced plans to ease cryptocurrency regulations. Drawing inspiration from Donald Trump’s deregulatory approach in the U.S., he intends to scale back restrictions on the crypto industry.
Besides, he believes reducing red tape will unlock blockchain’s potential and help boost South Korea’s economic recovery.
Is Crypto Deregulation the New Vote Magnet in Asia?
South Korean presidential candidate Hong Joon-pyo has outlined a plan to ease crypto regulations, aiming to boost digital innovation. On April 16, at Yeouido’s Daeha Building, the People Power Party frontrunner shared his policy blueprint, drawing comparisons to former U.S. President Donald Trump’s deregulatory approach.
Hong plans to scale back restrictions on digital assets and blockchain, hoping to appeal to South Korea’s tech-savvy voters ahead of the June 3, 2025 election.
With over 15 million crypto users, many in their 20s and 30s, crypto is expected to play a major role in voter decision-making. During last year’s parliamentary elections, both major parties promised tax relief to attract this demographic.
Likewise, In the U.S., crypto-focused PACs spent over $100 million to influence the 2024 election. As a result, crypto regulation is now a key issue shaping political platforms globally.
Hong’s policy aligns with recent U.S. developments. President Trump replaced top financial regulators with crypto-friendly officials, including Mark T. Uyeda as SEC Chair and a new head for the CFTC.
Additionally, in March, an executive order established a Strategic Bitcoin Reserve and a Digital Asset Stockpile featuring Ethereum, Ripple, Solana, and Cardano.
By echoing these global trends, Hong aims to position South Korea as a blockchain leader and win support from pro-crypto voters.
Hong Unveils ₩50 Trillion Tech Plan, Focusing on AI, Quantum, and Economic Growth
South Korean presidential candidate Hong Joon-pyo has laid out a broader economic strategy that goes beyond crypto, aiming to position the country as a leader in emerging technologies.
He announced a ₩50 trillion investment over five years, focusing on artificial intelligence and quantum technology. The plan includes five key areas: public-private economic revival, tech-driven growth, productivity-based wealth distribution, job creation with improved welfare, and national debt control tied to economic expansion.
Hong’s tech-focused agenda aligns with South Korea’s growing interest in digital assets. Last August, the National Pension Service, one of the world’s largest public funds, bought 245,000 shares in Strategy (formerly MicroStrategy), worth $33.75 million. It also invested in over 280,000 shares of Coinbase.
These moves show that crypto is now part of South Korea’s mainstream financial strategy and could influence the upcoming election.
Could Banking Partnerships Boost Crypto Growth in South Korea?
South Korean banks are pushing for changes to how crypto services are regulated. They want lawmakers to ease rules that limit crypto exchanges to one-bank partnerships, arguing this restriction reduces competition and limits user options.
On top of that, Banks say the current system favors a few players and that opening the market would benefit both institutions and users.
At the same time, regulators are reconsidering rules that block foreign investors from accessing local crypto platforms. Under current know-your-customer (KYC) rules, non-residents must link exchange accounts to Korean bank accounts, making access nearly impossible.
Kim Sung-jin, head of the Virtual Asset Division at the Financial Services Commission, has recently shown support for easing these restrictions. His comments suggest that broader access and more open banking relationships may soon reshape South Korea’s crypto landscape.
