Right-wing frontrunner pledges sweeping pro-crypto legislation
Hong Joon-pyo, a leading contender in South Korea’s presidential race, has promised to overhaul crypto regulation to match the United States under President Trump. Speaking at a policy event, the former Daegu mayor said he would push aggressive deregulation to support blockchain and crypto as critical industries.
“To foster blockchain and virtual assets, I will reform regulations as much as the Trump administration,” Hong said, referring to the U.S.’s current pro-crypto pivot under Trump’s second term.
Crypto-friendly rhetoric amid leadership vacuum
South Korea's presidency is in transition after Yoon Suk-yeol was removed from office earlier this month following his controversial martial law declaration. With no official nominee from either major party ahead of the June 3 election, Hong's policy-forward crypto stance is an early standout.
His campaign also includes a pledge to invest 50 trillion won (around $35 billion) over five years into AI, quantum computing, and superconductors — part of a broader “disruptive tech” growth strategy.
Hong has a long history of crypto advocacy. In 2021, he opposed efforts to tax crypto, calling them regressive. Now, he appears to be doubling down on that position, aligning himself with a global shift toward pro-crypto governance.
