South Korea has elected Lee Jae-myung of the left-wing Democratic Party as its new president, following the impeachment of conservative leader Yoon Suk-yeol. A 79.4% turnout, the highest in 28 years, helped Lee win with 49.42%, beating right-wing rival Kim Moon-soo.

Lee pledged urgent economic reform, with a focus on supporting low-income families and small businesses. He also vowed to strengthen the domestic cryptocurrency industry, promising to introduce spot crypto ETFs and a won-backed stablecoin market.

Both are currently prohibited under existing financial rules.

The new president aims to complete the second phase of South Korea's digital asset legislation, with specific measures targeting stablecoin regulation and exchange transparency. His plan includes reducing restrictions in blockchain innovation zones to accelerate local growth.

Although crypto reform was also promised by impeached predecessor Yoon, progress stalled during his administration. With nearly 10 million crypto users, South Korean regulators seem ready to ease rules, giving Lee a chance to fulfil his crypto promises.

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