South Korea's left-wing leader Lee Jae-Myung has been sworn in as president following a surprise election victory, promising to back his pro-crypto policies during the campaign.
Lee was officially inaugurated as South Korea's new president on June 3, six months after previous leader Yoon Suk-Yeol declared martial law, sparking political chaos in the country.
With nearly complete tallies, Lee of the opposition Democratic Party won more than 49% of the vote compared to 41% won by his rival, conservative People's Power Party candidate Kim Moon-Soo.
According to Reuters, nearly 80% of South Korea's 44.4 million eligible voters cast their votes. The record was the highest percentage for a presidential election since 1997.
During the campaign, he set out his ambition to launch a stablecoin backed by the Korean won currency to modernize the country's financial system and stem capital outflows.
In his statement, he called for the creation of a stablecoin market to prevent the country's wealth from leaking abroad.
Lee also campaigned in support of the launch of a spot crypto ETF and pledged to ease regulations and expand the use of crypto.
