Yoon Suk-Yeol, a conservative presidential candidate, has been sworn in as South Korea’s new president. According to press reports, Yoon of the People Power Party narrowly defeated Lee Jae-Myung of the Democratic Party by less than 1%.
In South Korea, the election conversation was dominated by cryptocurrencies, with both candidates launching NFTs tied to their campaigns. Because of their pro-crypto stances, which contrast with former president Moon Jae-ban In’s stance on bitcoin exchanges, they have gained favour among the younger, more crypto-enthusiastic populace.
Yoon vowed to de-regulate the bitcoin market during his campaign. At a crypto conference in January, he stated that laws that are “far from reality and ludicrous” need to be altered in order to “realise the infinite potential of the virtual asset market.”
Yoon has stated that one of his goals is to find and construct cryptocurrency “unicorns,” or startups worth $1 billion or more. He also pledged to raise the projected capital gains tax rate before it takes effect. He also hinted that he would reconsider a 2017 ban on initial coin offerings (ICOs) and reintroduce the contentious fundraising method.
Yoon has also promised to raise the capital gains tax threshold for Bitcoin and other cryptocurrencies from $2,000 to $40,000, making it one of the world’s most generous tax-free allowances.
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