South Korea elects pro-crypto president

South Korea has elected Yoon Suk-yeol as the country's next president. Yoon is a pro-crypto candidate who has promised to review cryptocurrency regulations in the country.

He added that South Korea should adopt a new “regulatory system” to ensure that the cryptocurrency market “has no worries”.

Yoon's presidential success comes at a time when South Korea's relationship with the cryptocurrency industry has presented a number of regulatory controversies.

Last year, South Korean cryptocurrency exchanges suffered heavy losses when the FSC said it would prevent cross-trading on the platforms.

Exchanges feared that such a rule would put them out of business, while the FSC believed that restricting cross-trade would prevent cryptocurrency exchanges from manipulating prices.