Tuesday, October 4, 2022
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Crypto policy is top priority in presidential election as South Korea moves to polls

South Koreans are casting votes today in the close presidential race in the country’s democratic record, as per experts and observers, with a record-high turnout. Both main parties revealed crypto policies throughout the campaign to get young people to the polls.

The Democratic Party’s Lee Jae-Myung vowed to use Security Token Services to distribute a dividend from property speculation to the public. He made a promise to “issue tokenized securities to refund ill-gotten profits from real estate speculators to the public” and “enable residents the option to engage in large-scale state development projects.” In January this year, he intended to create a “digital portfolio management and supervisory agency”, but the plan has already been scaled back to “a monitoring agency.” Lee has also stated that Initial coin offerings (ICOs), which were prohibited in South Korea in 2017, maybe reinstated.

Yoon Seok-Youl, from People Power Party, promised to raise the crypto capital gains tax limit to the same level as stocks. He has also claimed that he might “take legal action to retrieve cryptocurrency earnings gained via illegal means and repay them to the victims.”

According to the local news agencies, voter participation had surpassed 60% by 1 PM local time, after two days of early voting. This is greater than the last election’s 55.5 percent turnout in 2017.

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