Hong Vows to End Crypto Regulations Like Trump
In a critical policy forum in Seoul on April 16, South Korean presidential hopeful Hong Joon-pyo made headlines after vowing to roll back crypto regulations. Speaking during the People Power Party primary, Hong stated that he would follow the deregulatory path taken by the U.S. under the administration of the former President Donald Trump.
“I will break up regulations to the degree experienced during the Trump era,” he told the audience, stressing the need to bring blockchain and virtual assets together into one cohesive and healthy sector.
The comments mark a pro-crypto turn in policy direction if elected, a marked departure from the conservative approach Korean financial regulators have historically maintained.
Blockchain as a National Strategy
The economy, labor, and science policy event also unveiled Hong’s broader vision for tech-led growth. He promised 27 policy commitments aimed at pushing forward innovation in the private sector, including targeted investment in cutting-edge sectors such as artificial intelligence, quantum computing, and front-edge semiconductors.
Blockchain was one of the highlights of this technology-led strategy. A break from most political rivals, Hong positioned crypto deregulation not as a fringe idea but as a central element of South Korea’s economic growth and competitiveness.
Increasing Blockchain Interest in South Korea
Hong’s commitment arrives during a period of increased adoption of blockchain in South Korea’s private and public sectors. The National Pension Service, which has assets worth more than $800 billion, is researching the use of blockchain to enhance transparency in monetary transactions. The fund also owns Coinbase, one of the biggest U.S.-based crypto exchanges.
These moves signal increasing institutional trust in the possibilities of blockchain. With the presidential election advanced to June 3 after President Yoon Suk Yeol’s impeachment, crypto policy has quickly become a central campaign issue.
Hong’s deregulation proposal fits with a wider national debate about how to put South Korea at the leading edge of digital finance and Web3 development.
