Regulatory changes are also on the table, with the Financial Services Commission considering easing restrictions that currently prevent foreign investors from accessing local crypto platforms.

Moreover, South Korean banks are advocating for regulatory changes to allow multiple banking partnerships for crypto exchanges, arguing that current restrictions limit competition.

During the policy event, Hong emphasized his commitment to dismantling existing crypto regulations to foster a unified industry for blockchain and virtual assets.

On April 16, 2025, South Korean presidential candidate Hong Joon-pyo unveiled his ambitious crypto reform agenda at the Daeha Building in Yeouido, aiming to stimulate digital innovation ahead of the upcoming June 3 election.

He believes that promoting blockchain development will not only enhance the digital economy but also stimulate overall economic growth and recovery in South Korea.

The National Pension Service's recent investments in major crypto companies further indicate a shift in perception, positioning digital assets as a central part of South Korea's financial strategy.

Hong's proposals come at a time when international trends are increasingly favoring pro-crypto regulations, reflecting a broader shift in political discourse surrounding digital assets.

His approach mirrors that of former U.S. President Donald Trump, who appointed crypto-friendly regulators and promoted a supportive environment for digital assets.

This political landscape is evolving rapidly following the impeachment of former President Yoon Suk-yeol, which has strengthened the opposition's position ahead of the election.

In addition to crypto reforms, Hong announced a significant investment plan of at least 50 trillion Korean won (approximately $35.1 billion) over five years, focusing on artificial intelligence and quantum technology.

With over 15 million crypto users in South Korea, particularly among younger voters, Hong's policies are strategically designed to attract this politically active demographic.