South Korean presidential candidate Hong Joon-pyo has announced plans to deregulate the cryptocurrency industry, inspired by the regulatory approaches seen during Donald Trump's administration. In his campaign speech, Hong emphasized his intention to foster blockchain and virtual assets as a recognized industry while integrating this technology into public services. This announcement coincides with Trump's recent repeal of an IRS rule requiring decentralized finance platforms to report taxpayer information, a move seen as a significant step toward crypto deregulation in the U.S. Hong's pivot towards a crypto-friendly platform comes amid increasing pressure within South Korea to respond aggressively to the United States' evolving digital asset strategy. The South Korean Financial Services Commission has already begun cracking down on unregistered foreign crypto exchanges, highlighting the ongoing tension between the need for regulation and the desire for industry growth. Whether Hong's proposals will materialize into policy depends on the outcomes of the upcoming presidential election amid political turmoil surrounding current President Yoon Suk Yeol's potential impeachment.

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