In a significant move for the cryptocurrency landscape, South Korea’s National Power Party presidential candidate Hong Junpyo announced a monumental initiative on April 16. During a campaign rally held on Yeouido Island, he committed to a robust investment of at least 500 trillion Korean won (approximately 240 billion RMB) over the next five years. This initiative will focus on advancing research and development in transformative sectors such as artificial intelligence, quantum technology, and blockchain, with aspirations of fostering a “super-gap technology-led growth.”
Hong Junpyo’s strategic agenda mirrors the regulatory approach of the previous Trump administration in the U.S., emphasizing a significant reduction in regulations surrounding blockchain and virtual assets. He aims to elevate these industries to stand apart as independent sectors while integrating blockchain solutions into public governance and administrative services. The emphasis on the virtual asset market is seen as a critical lever for the future growth of South Korea’s economy.
In addition to industry stimulation, Hong proposed the implementation of a “New Industry No-Barrier” system, which will facilitate new technologies and startups to enter the market without excessive regulatory hurdles. This proactive approach is expected to cultivate a supportive ecosystem for blockchain startups. Moreover, plans to abolish the 52-hour workweek limitation in innovative sectors are aimed at enhancing flexible labor support, thus energizing R&D efforts in cutting-edge fields, including blockchain technology.