South Korea has elected cryptocurrency-friendly Yoon Suk-yeol as its next president after a close race, with a non-fungible token of his signature soaring 60%.
- Conservative People Power Party Yeon was elected over more politically progressive opponent Lee Jae-myung with a margin of less than 1%, with cryptocurrency taking a major role in the election debate.
- Yoon and Jae released campaign-related nonfungible tokens leading up to the polls, both taking a positive stance on cryptocurrencies contrary to former President Moon Jae-In who launched a crackdown on the industry in 2021.
- Yoon, in January, committed to deregulating the cryptocurrency space in South Korea, as he said regulations need to be overhauled to be able to realize the unlimited potential of the virtual asset market.
- The native token of the ICON blockchain surged 60% in the past 12 hours before paring down but remained 40%. Yoon earlier minted his signature on the blockchain in December 2021.
Yoon also voiced plans to establish blockchain tech-related unicorns and to push for legislation that would ensure that profits from illicit activities are returned to victims.
EWY is down 2.32% premarket, BTC down 6.45%, ETH down 5.10%, and BNB down 5.97%.