Yoon Suk-Yeol (a conservative presidential hopeful) has been officially elected the president of South Korea.
Reports claim Yoon, of People Power Party, defeated Lee Jae Myung, his political progressive opponent by less that 1%.
South Korea saw cryptocurrency dominate the election discourse. Candidates launched NFTs to support their campaigns.
They have acquired popularity among the younger, more crypto-enthusiastic public because of their pro-crypto viewpoints, which contrast with former president Moon Jae-ban In’s stance on bitcoin exchanges.
South Korea’s Bitcoin-Friendly President
Yoon pledged to remove regulation from the Bitcoin market throughout his campaign. In January, he declared at a crypto conference that rules “far from reality and absurd” must be revised to “realize the infinite potential of the virtual asset market.”
Yoon has declared a goal to recruit and build cryptocurrency “unicorns,” or startup companies worth $1 billion or more. He committed to raising the tax on capital gains before it comes into force.
He suggested, in addition to the above, that he may revisit a 2017 ban for initial coin offerings and revive this controversial fundraising tool.
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Corporate entities may use ICOs for funding. However, ICOs can be prone to fraud. Coin issuers often disappear after the transaction has been completed. This could have a negative effect on cryptocurrency and the blockchain in general.
During their annual shareholder meetings, several of South Korea’s major entertainment and gaming firms showed interest in cryptocurrencies, pledging to build non-fungible tokens (NFT) or play-to-earn games.
Crypto-Market Taxation
Cryptocurrencies and exchanges are not yet recognized as “legal currency and exchanges” in South Korea since they are not subject to a solid regulatory framework.
Transactions made with cryptocurrency are exempt from tax because bitcoin can’t be used as cash in South Korea nor as a financial asset.
As per the Ministry of Strategy and Finance, the South Korean government is contemplating levying a tax on cryptocurrency transactions and intends to implement a taxation 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.
KRW to-crypto market was only 27% of global market. However, the average global market is nearly 60%.
South Korea is home to an average daily trade volume of $9.4 trillion in cryptocurrency.
According to a survey, 31% of people in the country are local crypto investors.
No. No. 16 in the World
South Korea is 16th among countries that have adopted cryptocurrency, with almost 2 million people, 3.8% of the country’s total population of 55.8 million, having some form of crypto-asset.
Yoon, who has also pledged to raise the capital gains threshold on Bitcoins and other cryptos from $2,000 a $40,000, is establishing the highest tax-free allowances around the globe.
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Featured image taken from TheBitTimes.com. Chart from TradingView.com.