A candidate in the South Korean right-wing party’s presidential primary pledged to revamp local regulations on blockchain and cryptocurrencies, according to local news agency Yonhap.
“To foster blockchain and virtual assets as an industry, I will reform regulations as much as the Trump administration in the United States,” Hong Joon-pyo, a candidate for People Power Party’s presidential primary, said during a policy announcement meeting on Wednesday, according to the report.
Hong, who served as mayor of Daegu city up until last week, said that he would work to incorporate blockchain technology into the public sector and administrative services.
Outside of blockchain and crypto, Hong also pledged to invest at least 50 trillion Korean won ($35.1 billion) over five years in research and development for AI, quantum technology and room-temperature superconductors, the report said, as part of his “growth driven by disruptive tech” initiative.
The prominent politician, with nearly 30 years of experience, had previously urged the South Korean government to adopt friendlier policies and regulations on crypto.
In 2021, Hong openly criticized the government’s decision to tax cryptocurrency at the time, labeling the move retrogressive and urging the establishment of legal foundations to institutionalize emerging technologies, according to local news outlet Financial News.
South Korea’s 20th President, Yoon Suk-yeol, was removed from office on April 4 after the Constitutional Court unanimously upheld the National Assembly’s impeachment vote, prompted by his controversial declaration of martial law on Dec. 3, 2024.
With the June 3 presidential election less than two months away, neither of the two major political parties has yet nominated its candidate.
Hong is among eight candidates vying for the People Power Party’s nomination. Meanwhile, Yoon’s impeachment has given the opposition Democratic Party of Korea an advantage heading into the upcoming election.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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