Trump Playbook Wants to Employ Trump Playbook to Rest Crypto Regulations South Korea Presidential Candidate

The North Korean crypto market may experience a shakeup in response to Trump.

At his campaign office in Seoul’s Yeouido district on Tuesday, presidential candidate Hong Joon-pyo declared,” I will reduce rules as much as the Trump presidency in the United States did.

According to a Yonhap News statement, Hong promised to make blockchain and online assets a thoroughly recognized industry and use the technology in public services

The announcement comes shortly after former U.S. President Donald Trump ratified a landmark resolution to end a controversial IRS rule that required decentralized finance ( DeFi ) platforms and developers to submit traditional broker-style reporting.

It represented the first time any U.S. president has signed legislation that related to cryptography, and it was hailed as a turning point for market deregulation.

Hong’s crypto-forward tilt comes as North Korean lawmakers and experts are increasingly under pressure to act in response to Washington’s quick digital asset strategy.

Trump’s executive order to create a Strategic Bitcoin Reserve, which makes the United States the first nation to formally begin saving crypto as a regional asset, has influenced that sentiment.

Financial experts in Seoul demanded last month that a won-backed bitcoin be created and Bitcoin be incorporated into regional reserves, keeping the USD-pegged stablecoin market’s dominance at its core.

Also, there is weight. The Bank of Korea declared it was against using Bitcoin as a reserve property on March 16 in a public statement, citing its “price uncertainty” and failure to adhere to IMF requirements.

South Korea’s political candidates are then demonstrating that they don’t want to fall behind as the United States is now actively saving Bitcoin and holding White House crypto conferences.

If Yoon Suk Yeol’s senate is upheld, how will the results of an upcoming presidential election, which is anticipated as early as May, affect how much of Joon-pyo’s promises turn into plan.

edited by Stacy Elliott.