South Korea’s new president will bolster crypto, but scandals prevail
President Lee Jae-myung's election signifies a left-leaning approach with a focus on institutional cryptocurrency integration. His administration is poised to advance the Digital Asset Basic Act (DABA), initially proposed by former president Yoon Suk Yeol, aiming to regulate digital assets effectively. Lee's policies include creating a self-regulatory body for crypto, a stablecoin approval system, and allowing pension fund investments in digital assets. Despite Lee's promises for reform, his presidency begins with various scandals, including corruption charges and alleged illegal funding to North Korea. Lee seeks to improve diplomatic relations, emphasizing communication with the North while maintaining ties with the US and Japan. However, he faces legal hurdles, including retrials related to his campaign conduct and accusations of corruption during his previous roles. Lee's presidency could mark a pivotal shift for South Korea's crypto landscape, potentially leading to deeper financial integration, but his legal battles complicate the political climate.
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