Yoon Suk-Yeol, a conservative presidential candidate, has been officially chosen as the new president of South Korea.
According to news reports, Yoon of the People’s Power Party defeated his politically progressive opponent, Lee Jae-Myung, by less than 1%.
In South Korea, cryptocurrency dominated the election discourse, with both candidates launching NFTs connected to their campaigns.
They have gained popularity among the younger and more cryptocurrency enthusiastic public due to their pro-cryptocurrency views, which contrast with former President Moon Jae-ban In’s stance on bitcoin exchanges.
Bitcoin Friendly South Korean President
Throughout his campaign, Yoon promised to deregulate the bitcoin market. In January, she stated at a crypto conference that the “unrealistic and absurd” rules must be reviewed to “realize the endless potential of the virtual asset market.”
Yoon has stated a goal of recruiting and building cryptocurrency “unicorns” or startups worth $1 billion or more. She also pledged to raise the level of the planned capital gains tax before it goes into effect.
Furthermore, he suggested that he could review a 2017 ban on initial coin offerings (ICOs) and revive the controversial fundraising mechanism.
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A corporate entity can use ICOs to raise funds by minting and selling cryptocurrencies; however, ICOs are riddled with fraud, and coin issuers disappear after the transaction is complete, which has a detrimental effect on the blockchain and cryptocurrencies in general.
During their annual shareholder meetings, several major South Korean gaming and entertainment companies showed interest in cryptocurrencies and pledged to create non-fungible tokens (NFTs) or money-making games.
Proposed taxes for the crypto market
Cryptocurrencies and exchanges are not yet recognized as “legal currency and exchanges” in South Korea as they are not subject to a strong regulatory framework.
Because bitcoin is not cash or a financial asset in South Korea, cryptocurrency transactions are now tax-free.
According to the Ministry of Strategy and Finance, the South Korean government is contemplating imposing a cryptocurrency transaction tax and intends to implement a tax framework in 2022.
SoKor’s $46 Billion Crypto Market
In its latest estimate of the nearly $46 billion bitcoin market in South Korea, the Financial Intelligence Unit has presented its findings.
The KRW-to-crypto market accounted for just 27% of the global market, although the global market average is almost 60%.
Cryptocurrency transactions in South Korea are worth an average of $9.4 billion per day.
Local crypto investors in their 30s, 40s, and 20s make up 31% of the population, according to a recent survey.
No. 16 in the world
South Korea ranks 16th in global cryptocurrency adoption, with almost 2 million people, or 3.8% of its total population of 55.7 million, owning some crypto asset.
Meanwhile, Yoon has pledged to raise the capital gains tax threshold on Bitcoin and other cryptocurrencies from $2,000 to $40,000, establishing one of the most generous tax-free allowances in the world.
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Featured image from TheBitTimes.com, chart from TradingView.com
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