South Korea’s crypto industry could be heading for a Trump inspired shakeup.
“In order to foster blockchain and virtual assets as a single industry, I will eliminate regulations as much as the Trump administration in the United States did,” Presidential candidate Hong Joon-pyo declared Tuesday at his campaign office in Seoul’s Yeouido district.
Hong promised to elevate blockchain and virtual assets into a fully recognized industry and introduce the technology into public services, according to a Yonhap News report.
The announcement arrives just days after former U.S. President Donald Trump signed a landmark resolution repealing a controversial IRS rule that had imposed traditional broker-style reporting requirements on decentralized finance (DeFi) platforms and developers.
Trump Becomes First President to Sign Crypto Bill Into Law, Ending Anti-DeFi IRS Rule
President Donald Trump signed his first crypto-related bill into law Thursday, formally eliminating a Biden-era IRS rule that would have required decentralized finance platforms to collect and report the same taxpayer information as traditional brokers. The bill is, in fact, not just the first crypto-related bill made law by Trump, but also the first crypto-related bill signed by any U.S. president. The resolution knocks down the IRS’s so-called DeFi broker rule, which was first proposed by th...
It marked the first crypto-related legislation signed by any U.S. President and was hailed as a defining moment for industry deregulation.
Hong’s crypto-forward pivot comes amid rising pressure from South Korean lawmakers and experts to respond to Washington’s expeditious digital asset strategy.
That has been influenced by Trump signing an executive order to establish a Strategic Bitcoin Reserve, making the U.S. the first country to formally begin stockpiling crypto as a national asset.
Last month, financial leaders in Seoul called for integrating Bitcoin into national reserves and launching a won-backed stablecoin, moves aimed at preserving “monetary sovereignty” as USD-pegged stablecoins dominate global markets.
South Korea Blocks Apps of Crypto Exchanges on Apple, Google Stores
South Korea’s top financial regulator has removed 14 crypto exchange apps from Apple’s App Store and 17 from Google Play, which includes major platforms like KuCoin and MEXC, as part of a crackdown on unregistered foreign operators. The Financial Services Commission (FSC) announced Monday that the bans took effect on Google’s Play Store on March 25 and on Apple’s App Store on April 11. "We are closely monitoring regulatory developments across all jurisdictions, including South Korea, and will f...
Still, resistance remains. The Bank of Korea on March 16 publicly ruled out holding Bitcoin as a reserve asset, citing its “price volatility” and failure to meet IMF standards.
With the U.S. now actively stockpiling Bitcoin and hosting White House crypto summits, South Korea’s political candidates are now showing that they don’t intend to fall behind.
Whether Joon-pyo’s promises translate into policy will depend on the outcome of an upcoming presidential election, expected as early as May, if current President Yoon Suk Yeol’s impeachment is upheld.
Edited by Stacy Elliott.
