(Cointelegraph) ICX, the native token of the South Korean ICON blockchain, surged 60% in 12 hours after presidential candidate Yoon Suk-Yeol won the election.
The conservative People Power Party candidate Yoon won the election by a narrow margin of less than 1%, with the market warming up to a crypto-friendly president.
Yoon had previously promised to deregulate the country’s crypto sector to tap the unlimited potential of virtual assets.
Yoon also promised crypto-friendly developments if elected the president, saying he would build blockchain tech-related “unicorns.”
The South Korean president-elect says he should come up with legislation that will reimburse crypto proceeds obtained illegally to the victims.
The hotly contested election saw both Yoon and his opponent Lee Je-Myung promise crypto goodies in a bid to woo young voters. Both candidates released campaign-related NFTs.
The election of Yoon adds optimism to the crypto sector in South Korea after former president Moon Jae-In cracked down on the industry last year.
ICXUSD is up +3.28%.
