Daniel Walker
A leading contender in South Korea’s conservative People Power Party has unveiled an ambitious vision for cryptocurrency and blockchain reform, signaling a major shift in the countryโs approach to digital assets if elected.
Hong Joon-pyo, who recently stepped down as the mayor of Daegu, announced on Wednesday that he intends to overhaul existing crypto regulations, citing the U.S. under Donald Trump as a benchmark.
โTo cultivate the blockchain and virtual asset industry, I will implement regulatory reforms comparable to those seen during the Trump administration,โ said Hong during a policy address, according to local media outlet Yonhap.
Public Sector Blockchain Integration in Focus
Hong outlined plans to actively integrate blockchain solutions into administrative and public services, marking a commitment to digital innovation in government operations.
In addition to his blockchain agenda, Hong promised a 50 trillion Korean won (~$35.1 billion) investment in cutting-edge technologies such as artificial intelligence, quantum computing, and room-temperature superconductors over the next five years. The initiative is part of his broader โGrowth Through Disruptive Innovationโ strategy.
Hong’s Ongoing Advocacy for Crypto-Friendly Policies
Hong has long been a vocal supporter of crypto liberalization. In 2021, he publicly criticized the governmentโs decision to tax digital assets, calling it a backward approach. He urged the establishment of a legal framework to legitimize emerging technologies and boost South Koreaโs competitiveness in the global tech landscape, according to Financial News.
Political Landscape Shifts After President Yoonโs Impeachment
South Koreaโs political scene has entered a state of flux following the removal of President Yoon Suk-yeol by the Constitutional Court on April 4, which upheld his impeachment by the National Assembly. The impeachment followed Yoonโs controversial declaration of martial law on December 3, 2024.
As the June 3 presidential election approaches, both of the countryโs leading parties have yet to confirm their presidential nominees. Hong is currently one of eight candidates vying for the People Power Partyโs nomination.
Meanwhile, Yoonโs ousting has provided the opposition Democratic Party with a strategic advantage ahead of the election.
