South Korea’s leading opposition presidential candidate has offered to alleviate the tax burden on crypto-related revenues through exemptions.
Yoon Suk-yeol, the conservative People Power Party’s presidential candidate in South Korea’s upcoming March elections, has stated his intention to support raising the tax-free threshold for crypto investments from 2.5 million won (around USD 2,100) to 50 million won (just over USD 42,000), according to Korean media.
On Wednesday, the opposition candidate made the commitment at the party headquarters, stating that his administration will raise the bottom limit to the current amount for stock investments. As a result, if he is elected, Koreans who buy cryptocurrencies should expect larger tax breaks.
According to the Yonhap news agency, Yoon also revealed that he will introduce a digital asset law aimed at improving investor security. At the same time, the Seoul government will be allowed to recover earnings acquired through market manipulation under the new legislation.
Yoon stated:
“To ensure that young people can enter new markets without fear, I would create a digital asset investing environment akin to the stock market.”
Do you think this will help him fetch voters attention? Will this also contribute to an increase in participation in cryptocurrency? Comment your thoughts below.
