Hong Joon-pyo, a key contender in South Korea’s People Power Party’s presidential primary, has made a bold promise to shake up the country’s blockchain and cryptocurrency regulations, the local news reported.
Speaking at a policy event in Yeouido, Seoul, he said he aims to loosen restrictions to levels seen during the Trump administration in the U.S. He plans to foster blockchain and digital assets as a recognised, standalone industry in South Korea.
South Korea to Follow the US?
Hong stressed that innovation in emerging technologies like blockchain should not be held back by outdated or overly strict rules. He also proposed using blockchain tech in government operations to improve public services.
His stance signals a clear shift toward embracing digital innovation, especially in a country where crypto has grown fast despite regulatory hurdles.
Massive Investment in Future Tech
Along with crypto reforms, Hong announced a massive 50 trillion won investment over the next five years. This funding will go toward advanced technologies, including artificial intelligence, quantum computing, and room-temperature superconductivity.
He called this his “super-gap technology-led growth” strategy, aiming to put South Korea ahead in key global industries.
Hong laid out a total of 27 pledges, all leaning toward a market-driven economy. He stressed that the private sector should lead economic revival, with government support playing a backup role.
Among his suggestions was a new system that allows new tech businesses to launch without needing prior approval from the government.
Also Read: South Korea’s Busan Court Convicts Three For $416K Crypto Scam Promising 30% Monthly Returns
Wider Economic and Labour Reforms
Beyond tech, Hong has plans for housing and labour. He promised to ease redevelopment rules and abolish the reconstruction profit recovery system to create a million new homes in five years.
On labour, he wants to end the rigid 52-hour workweek rule and introduce flexible hours for industries like tech and R&D. He also proposed breaking the power of labour unions and adjusting minimum wages based on region and industry.
His broader economic vision includes a sovereign wealth fund based on oil development, a South Korean moon mission by 2030, and sweeping tax reforms that include cutting inheritance taxes and revamping property levies.
Growing Pressure for Change
While Hong pushes for crypto-friendly policies, South Korea’s Financial Services Commission recently blocked 14 crypto exchanges on Apple’s app store, including big names like KuCoin and MEXC.
This shows the regulatory environment remains tough, especially for foreign exchanges. At the same time, the heads of the country’s biggest banks met under the Korea Federation of Banks and called on lawmakers to ease current financial rules. They believe this is necessary to stay competitive in a fast-changing financial world.
Hong’s proposals reflect a rising demand for regulatory clarity and innovation in South Korea. With increasing interest in digital finance and pressure from both industry and political leaders, the country could be on the edge of a major policy shift.
As the presidential race moves forward, how other candidates respond to these proposals may shape the future of South Korea’s role in global tech and finance.
Also Read: South Korea May Permit Foreign Investors in Cryptocurrency Sector If Exchanges Meet AML Requirements