Key Notes
- Hong Joon-pyo plans to deregulate crypto and boost blockchain if elected.
- He promises $35B+ investment in AI, quantum tech, and semiconductors.
- Experts criticize South Korea’s proposed stablecoin bill for favoring foreign issuers.
One of South Korean presidential candidates, Hong Joon-pyo, has disclosed that he intends to take a similar stance to Trump’s policies on crypto regulations. Like the current US president, Hong has openly incorporated deregulation and blockchain development in his economic plan for South Korea.
Hong noted that he would add efficiency to the public sectors and linked services by using blockchain. If successful, this would be a stark contrast from South Korea’s current policies on cryptocurrencies and blockchain.
The South Korean presidential candidate was against the government’s policy in 2021 that implemented cryptocurrency taxation, stating that it was affecting development and hoped that the government would instead invest in disruptive technologies.
Hong’s Interest in Disruptive Technologies
Hong, who is currently vying to be the presidential candidate for South Korean right-wing party, People Power Party (PPP) announced that he will also make changes in disruptive technologies like AI, superconductors and quantum technology.
As part of his future roadmap, Hong has stated that his administration will invest more than $35.1 billion in research and development of innovative technologies like superconductors, AI and quantum technology.
Hong’s stance is in line with locals’ rising interest in blockchain, as the National Pension Service in South Korea is reported to be researching on how to improve transparency with blockchain.
South Korea’s Proposed Basic Digital Asset Act
This comes at a time when South Korean crypto industry experts have complained about the recent draft bill , Basic Digital Asset Act, which regulates the stablecoin sector. The proposed bill would force stablecoin issuers based in South Korea to apply for permission from the Financial Services Commission before issuing any coin.
This bill exempts foreign-issued stablecoins like USDT from seeking approval, and thought leaders believe that it would be unfair to the growth of local stablecoin platforms.
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