South Korean presidential candidate Hong Joon-pyo is pledging to usher in a new era of pro-crypto policy and tech innovation, vowing to mirror Donald Trump’s deregulatory approach as he campaigns for the nation’s top office.
Speaking at a policy forum in Seoul on Wednesday, the People Power Party candidate called for an overhaul of South Korea’s restrictive crypto regulations, positioning blockchain and virtual assets as “a major national industry” in his modernization strategy. His remarks, first reported by Yonhap News, signal a strong pivot away from the conservative stance long held by South Korean regulators.
“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,” said Hong.
“I will introduce blockchain technology to the public sector and administrative services, and foster virtual assets as a single industry.”
“We will push for reforms as aggressively as the Trump administration,” said Hong, highlighting blockchain integration across public services to boost transparency and government efficiency.
By aligning himself with Trump’s increasingly pro-crypto rhetoric, Hong is making a calculated political play: tapping into South Korea’s tech-savvy electorate and capturing support from a growing demographic of retail crypto users and digital entrepreneurs.
$35 Billion Tech Investment Pledge Anchors Innovation Agenda
Beyond crypto, Hong has laid out an ambitious five-year, ₩50 trillion ($35.1 billion) investment plan to fund R&D in cutting-edge sectors, including: Artificial Intelligence, Quantum Computing, Room-Temperature Superconductors, and National Blockchain Infrastructure
This vision, according to Hong, aims to revitalize South Korea’s economy, reduce dependency on legacy industries, and establish the country as a global leader in emerging technologies. He framed the investment as central to a “disruptive innovation” agenda that sees crypto not just as an asset class—but a pillar of the next industrial era.
Hong’s stance on digital assets is not new. In 2021, he criticized proposed crypto taxes as “regressive and short-sighted,” calling instead for policies that protect investors while encouraging institutional adoption. With crypto reform now a cornerstone of his presidential campaign, that early advocacy is coming full circle.
Political Turmoil Opens Path for Pro-Crypto Shift
Hong’s rise comes in the wake of a seismic political shakeup. On April 5, President Yoon Suk-yeol was removed from office after South Korea’s Constitutional Court upheld his impeachment over the December 2024 martial law declaration, which triggered massive public backlash and fractured trust in the conservative establishment.
With the June 3 snap presidential election fast approaching, both major parties remain without official nominees. But within the People Power Party, Hong has emerged as a leading figure among eight contenders vying for the nomination.
His crypto-forward platform—in stark contrast to Yoon’s enforcement-heavy stance—positions him as a reformist alternative in a race increasingly shaped by economic modernization and youth voter sentiment.
If elected, Hong Joon-pyo’s presidency could usher in a landmark shift in South Korea’s digital asset policy—one that aligns more closely with jurisdictions like the United States under Trump, Singapore, and the UAE, all of which have adopted business-friendly Web3 frameworks.
Such a move could unlock significant foreign investment, retain domestic developer talent, and position South Korea as a leader in blockchain innovation—an outcome Hong insists is “urgently needed” to keep pace with global technological change.
Quick Facts
- Hong Joon-pyo, a candidate in South Korea’s June 3 presidential election, has pledged Trump-style deregulation for the crypto sector.
- His ₩50 trillion ($35B) innovation plan includes investment in blockchain, AI, and advanced tech infrastructure.
- The proposal contrasts with the previous administration’s strict stance on digital assets.
- South Korea’s post-impeachment election could pave the way for more pro-innovation digital finance policies.
