South Koreans have elected a crypto friendly president. Yoon Suk-yeol, a conservative People Power Party member, has pledged to de-emulate crypto investment and create favorable tax laws. “To realize the unlimited potential of the virtual asset market, we must overhaul regulations that are far from reality and unreasonable,” he said.
South Korea’s President-Elect Vows to Deregulate Crypto Industry
South Korean voters elected Yoon Suk-yeol of the conservative People Power Party as their new president in the country’s most closely fought presidential election Wednesday.
Yoon served as South Korea’s prosecutor general between 2019 and 2021 under President Moon Jae-in.
In January, he vowed to “deregulate” the crypto industry to further promote its growth, according to local media. At the virtual asset forum, he said:
We must reform regulations to realize the potential for virtual assets market.
Yonhap News reported that he said the cryptocurrency industry should not be restricted by regulations, unless prohibited explicitly. “We must shift to a negative regulation system to ensure at least the virtual asset market has no worries,” Yoon reportedly said.
South Korean President-elect Kim Jong Un also promised to lower the tax burden of crypto investors. He proposed raising the threshold tax for crypto investments to 50 million won from the current 2.5 million won.
He called for the creation of unicorns in crypto. Yoon stated that he would also introduce a law regarding digital assets, and set the stage for the initial exchange offerings (IEOs), to support the crypto sector.
Yoon’s promises are popular among South Korean voters in their 20s and 30s who are interested in cryptocurrency. According to the president-elect, January was a good month.
In order to make virtual asset investors feel confident, I’ll create an environment.
Commenting on Yoon’s election win, the Korea Blockchain Association said: “We sincerely hope that President-elect Yoon Seok-yeol will be able to lead the promising future of Korea and the Korean blockchain ecosystem.”
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