Yoon Suk-yeol is the newly elected president of South Korea. During his campaign, he displayed a clear pro-crypto stance. Now, he plans to make South Korea a center for cryptocurrency-related transactions in the world. Here's how he plans to achieve that goal.
Multiple friendly resolutions to grow the crypto industry
Former prosecutor Yoon Suk-yeol is the winner of last week's presidential election in South Korea. A Conservative Party candidate, he garnered 263,000 more votes than his Democratic Party opponent Lee Jae-myung. Yoon Suk-yeol will officially take office in May. Throughout his campaign, he had many ideas which demonstrated that he is a strong supporter of the cryptocurrency industry.
The new South Korean president notably promised the cryptocurrency community to allow initial coin offerings (ICOs). He also indicated that he would impose more or less friendly rules for the taxation of cryptocurrencies. Another of his ideas is to increase the minimum threshold for paying capital gains tax on profits from investments in digital assets .
To this effect, Yoon promised that people generating profits of less than $40,000 per year from cryptocurrency trading will be exempt from taxes. Note that profits generated above $2,000 per year are currently taxed. That said, Anndy Lian who is the President of BigONE Exchange said of Yoon Suk-yeol, “ He understands the importance of crypto. He understands the future, and that's unstoppable. »
Several South Korean officials also support Yoon Suk-yeol. Among the latter is General Secretary Yoon Seong-han who said, “ We definitely welcome his position, as he is confident in his desire to boost the industry. As ICOs are currently banned, we have no choice but to issue coins in Singapore and other countries. Companies and startups will be able to easily raise funds from investors "if the ban is lifted". ".
Yoon Suk-yeol's goal is for South Korea to adopt cryptocurrencies
Private digital assets are very popular with South Koreans, especially among those in their thirties. A recent study found that around 15% of local crypto holders have allocated more than $8,000 each in this asset class. It is therefore important for South Korea to adopt cryptocurrencies.
Sohn Byung-doo who is the CEO of Korea Exchange (KRX) explained that the country would benefit from exploring and identifying ways to adopt the cryptocurrency sector. “ Now is the time for exchanges to compete directly with foreign exchanges ,” he said.
South Korea's newly elected president Yoon Suk-yeol intends to work to make the country a crypto hub. His decision is welcomed by several officials. It comes at the right time when we know that there are many local investors who are forced to look abroad to invest in cryptocurrencies.
Source: CryptoPotato
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