Conservative Party candidate Yoon Suk-Yeol, a former top prosecutor who promised to deregulate the crypto industry, will become South Korea’s next president.
The election was one of the closest in South Korean history. Yoon beat his opponent, Lee Jae-myung of the ruling Liberal Party, by less than one percentage point on Wednesday, according to the Associated Press.
Crypto was one of the hottest topics during the election. Both Yoon and Lee announced crypto-friendly stances in an attempt to win over younger voters.
Increasing levels of household debt and stagnating salaries have pushed many young Koreans to turn to the stock market and crypto investing to get ahead, but the current government under President Moon Jae-In has cracked down on crypto. Strict regulatory changes saw nearly 70 Korean exchanges shut down in 2021, leaving only a handful operating.