On June 3, South Korea held a presidential election. Lee Jae-myung, the candidate of the opposition Democratic Party of Korea, defeated Kim Moon-soo, the candidate of the ruling People's Power Party, with 49.42% of the votes and was elected the 21st President of South Korea. After the new government takes office, major changes are expected in the regulation and development of cryptocurrency in South Korea.

Lee Jae-myung made controversial diplomatic remarks during the parliamentary elections in March last year, saying that South Korea should not take the initiative to intervene in the China-Taiwan issue, which triggered criticism from the opposition and was questioned as "pro-China". However, in his inaugural speech, he emphasized that he would strengthen trilateral cooperation between South Korea, the United States and Japan based on the South Korea-US alliance, and take national interests first and pragmatism as diplomatic guidelines.

In the crypto industry, Lee Jae-myung advocates the development of cryptocurrencies, promotes the legalization of cryptocurrency spot ETFs, and supports the issuance of stablecoins anchored to the Korean won. He also plans to speed up the second phase of legislation of the "Basic Law on Digital Assets", covering issues such as the regulatory framework for stablecoins and information disclosure of trading platforms.

South Korea is one of the countries with the most active crypto markets in the world, known for its "active altcoin trading". By the end of 2023, the number of monthly active crypto users in South Korea will reach 9.7 million, accounting for 20% of the country's total population. The policy direction of the Lee Jae-myung government is expected to further enhance South Korea's position in the global digital asset ecosystem.