South Korean presidential candidate vows to deregulate crypto like Trump-era US

South Korean candidate Hong Joon-pyo says he’ll scrap crypto rules like U.S. President Donald Trump did, aiming to make blockchain a key industry.

South Korean presidential candidate Hong Joon-pyo says he’ll remove crypto regulations similar to how they were rolled back during the Trump administration in the U.S., pledging to boost blockchain in the country.

During a policy event in Seoul on April 16, Hong said he will “dismantle regulations to the extent seen under the Trump administration” in an effort to “foster blockchain and virtual assets as a single industry,” Yonhap News Agency reports.

Hong, a candidate in the People Power Party’s presidential primary, held a policy briefing focused on the economy, labor, and science and technology. There, he reportedly announced 27 pledges centered on private-sector growth, including major commitments to future industries like artificial intelligence, quantum technology, and superconductors.

Hong’s position sets him apart from other candidates by openly connecting deregulation and blockchain development with national economic strategy. Originally scheduled for March 3, 2027, presidential election in South Korea was pushed forward to June 3 this year following the impeachment and removal of Yoon Suk Yeol.

Hong’s pledge aligns with the country’s growing interest in blockchain. South Korea’s National Pension Service, the world’s third-largest public pension fund with over $800 billion in assets under management, is reportedly looking to use blockchain to improve transaction transparency. As crypto.news reported earlier, the fund had also invested in shares of U.S.-based crypto exchange Coinbase.