According to CCTV news, on the night of December 3 local time, South Korean President Yoon Suk-yeol suddenly conducted a television broadcast, announcing the implementation of an 'emergency martial law.' Yoon listed multiple reasons, claiming that the opposition party had coerced the National Assembly and disrupted the country, stating that he would eradicate 'anti-state forces' within South Korea.

Yoon Suk-yeol: The National Assembly has paralyzed the entire administrative system.

Yoon Suk-yeol stated that since the government took office, the National Assembly has initiated 22 impeachment motions against government officials, and since the establishment of the 22nd National Assembly in June this year, impeachment actions have been launched against 10 officials. Yoon claimed that the National Assembly intimidates judges, impeaches a large number of prosecutors, paralyzes judicial work, and attempts to impeach the Minister of Administrative Security, the Chairman of the Broadcasting and Communications Commission, the Auditor General, and the Minister of Defense, even causing the entire administrative system to become paralyzed.

Yoon Suk-yeol said that all major budgets related to the core functions of the state, the crackdown on drug crimes, and maintaining public security were fully cut, severely damaging the state's basic functions, turning South Korea into a drug paradise and a state of security crisis. Yoon stated that the Democratic Party uses the budget as a means of political struggle, completely ignoring the lives of the people, relying solely on impeachment, special prosecution, and protecting opposition party representatives from judicial sanctions, leading to the paralysis of state governance.

Shortly after Yoon Suk-yeol announced 'emergency martial law,' South Korea's ruling party representative Han Dong-hoon stated that 'emergency martial law' is a mistake and expressed that 'we will stop it together with the people.'

The largest opposition party convenes an emergency meeting of lawmakers.

On the 3rd local time, the largest opposition party, the Democratic Party of Korea, convened an emergency meeting of lawmakers after Yoon Suk-yeol announced 'emergency martial law.' Party leader Lee Jae-myung called on the South Korean public to go to the National Assembly to protect it.

In addition, many South Korean members of parliament and the speaker of the National Assembly are heading to the National Assembly.

According to CCTV International News, the entrances and exits of the South Korean National Assembly are closed, and members of Congress are also unable to pass. The opposition party in South Korea is in a standoff with the police at the entrances and exits of the National Assembly.

South Korea's Minister of Defense summoned a meeting of South Korea's major commanders nationwide.

On December 3 local time, the South Korean Defense Minister convened a meeting of the main commanders of the South Korean military.

Currently, specific measures for martial law are not yet known. According to external analysis, the recent push by the opposition party in South Korea for a series of legislation targeting President Yoon Suk-yeol’s wife and the impeachment of prosecutors and other public officials may have triggered Yoon's announcement of "emergency martial law."

South Korean assets have generally declined.

Samsung Electronics fell 4.4% in the London market, while the dollar continued to rise against the Korean won, with the day's increase expanding to 1.4%.

South Korea etf $iShares MSCI South Korea ETF (EWY.US)$ Diving has dropped nearly 4%.$POSCO (PKX.US)$ 、 $KB Financial (KB.US)$ 、 $Korea Electric Power (KEP.US)$ South Korean companies listed in the U.S. are collectively falling sharply.

$Gold Futures(FEB5) (GCmain.US)$ It surged nearly 1%.

Affected by the South Korean president's announcement of a state of emergency, the cryptocurrency market collectively plunged, with Upbit's BTC directly dropping by 30%, reaching a low of $66,500, and XRP fell sharply, dropping from $2.90 to $1.16.

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