The cryptography industry of South Korea could go towards a reshuffle inspired by Trump.
“In order to promote blockchain and virtual assets as a single industry, I will eliminate the regulations as much as the Trump administration in the United States,” the presidential candidate Hong Joon-Pyo said on Tuesday in his campaign office in the Yeouido de Seoul district.
Hong has promised to raise blockchain and virtual assets in a fully recognized industry and introduce technology into public services, according to a Yonhap news report.
The announcement arrives only a few days after former American president Donald Trump signed a historic resolution repealing a controversial rule of the IRS which had imposed traditional broker style declaration requirements on decentralized financing platforms and developers (DEFI).
He marked the first legislation linked to the crypto signed by any American president and was praised as a decisive moment for the deregulation of the industry.
Hong cryptocurrency pivot is involved in the middle of the growing pressure of South Korean legislators and experts to respond to Washington’s fast digital asset strategy.
This was influenced by Trump signing an executive decree to establish a strategic bitcoin reserve, making the United States the first country to officially start to store crypto as a national active.
Last month, Seoul’s financial leaders called for the integration of Bitcoin into national reserves and the launch of a stablecoin to support Won, move to preserve “monetary sovereignty” while the USD perfected stablecoins dominate the world markets.
However, the resistance remains. On March 16, the Bank of Korea published publicly Bitcoin’s holding as a reserve asset, citing its “price volatility” and the non-compliance with IMF standards.
The United States is now actively storing bitcoin and organizing the vertices of white house cryptography, South Korea political candidates now show that they are not intended to delay.
That Joon-Pyo’s promises translate into a policy will depend on the outcome of a next presidential election, expected in May, if the current accusation of President Yoon Suk Yeol is confirmed.
Edited by Stacy Elliott.
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