South Korea Elects Pro-Crypto President Lee Jae-myung

Lee Jae-myung, leader of the center-left Democratic Party, has officially become the President of South Korea after a decisive snap election victory on June 3. His campaign drew widespread attention for its strong pro-crypto stance.

With over 99% of the votes counted, Lee secured more than 49% of the ballots, leading rival Kim Moon-soo of the conservative People Power Party by around 8 percentage points. Voter turnout reached nearly 80% — the highest in a South Korean presidential election since 1997.

Lee’s victory comes just six months after former president Yoon Suk-yeol declared martial law, throwing the country into political turmoil.

During his campaign, Lee pledged to allow the country’s $884 billion National Pension Fund to invest in Bitcoin — a groundbreaking move in public asset management. He also proposed launching a won-backed stablecoin to modernize the financial system and curb capital outflows. “We need a domestic stablecoin market to prevent national wealth from leaking overseas,” he stated in a policy discussion in May.

Notably, both candidates expressed crypto-friendly views. Kim also promised to push for spot Bitcoin ETFs and ease crypto regulations.

Following Lee’s win, Bitcoin prices surged on major local exchanges like Bithumb and Upbit, hitting 149 million won (approximately $108,480), about 2% higher than global prices due to the “kimchi premium.”

Beyond crypto policies, Lee faces numerous challenges, including rising living costs, ongoing trade negotiations with the U.S., and regional tensions. In his inauguration speech in Seoul, he pledged to revive the economy, end the threat of military coups, boost investment in AI and defense, reform the prosecution system, and consider a four-and-a-half-day work week.

The future of South Korea’s crypto market now largely depends on how far President Lee is willing — and able — to follow through on his ambitious promises.