Yoon Suk-yeol, a South Korean presidential contender, has been elected as the country’s next president. The contest was among the most closely contested in the country’s history. Yoon, who represents the conservative People Power Party, defeated Lee Jae-myung, a more liberal-minded opponent, by a margin of less than 1%. In South Korea’s election campaign, cryptocurrency was a popular focus. Their pro-crypto attitudes ran counter to former President Moon Jae-ban In’s suppression of crypto exchanges last year, allowing them to gain popularity with the younger, more crypto-aware audience.
Yoon has previously stated that he will de-regulate South Korea’s crypto sector, demonstrating his forward-thinking approach to digital assets. At the time, Yoon indicated that he wanted to assist in building blockchain-related “unicorns,” which are companies worth more than USD 1 billion in South Korea. Yoon also stated that he will submit laws that would see cryptocurrency proceeds from illegal conduct refunded to the victims.
In a somewhat connected event, the native token of the ICON blockchain in South Korea, Icon (ICX), has increased by 60% in the last 12 hours. It eased off a little, but it was still over 40%.
Crypto regulation has been a touchy subject for South Korean legislators, with tough regulations forcing the closure of the majority of the country’s crypto exchanges in September 2021. Citizens and legislative entities alike have been confused by a lack of statutory clarity concerning the taxation of digital assets.