South Korea's incoming president vows big cryptocurrency push

But Yoon's path to implementing coin offerings and tax breaks remains unclear

President-elect Yoon Suk-yeol wants South Korea to play a bigger role in the development of digital assets. (Nikkei montage/Reuters)

KIM JAEWON and DYLAN LOH, Nikkei staff writer

March 15, 2022 17:34 JST

SEOUL/SINGAPORE -- South Korean President-elect Yoon Suk-yeol will take office in May with no business experience but strong ideas on one of the most contentious subjects in finance, cryptocurrencies.

Yoon, a former top prosecutor who emerged victorious last week in the closest vote for the top office in the country's history, has promised to allow initial coin offerings, or ICOs, as part of his broader cryptocurrency pledges.