Yoon Suk-yeol, South Korea’s recently elected president, had a pro-crypto stance during his campaign. One of his proposals is to increase the minimal threshold for paying capital gains tax on revenues from digital asset investments. The presidential election in South Korea last week was the most contentious in the country’s history. Yoon Suk-yeol, the Conservative Party’s candidate, received only 263,000 votes more than Lee Jae-myung, the Democratic Party’s nominee. The winner, who will take office in May, has described his victory as a “victory of the great South Korean people.”
Yoon stated during his campaign that he is a strong supporter of the bitcoin industry. Initially, he stated that Initial Coin Offerings (ICOs) would be permitted (ICOs). In another appearance, the former prosecutor stated that crypto traders who earn less than $40,000 per year will be free from paying taxes. At the moment, such taxes are applied on profits exceeding $2,000 per year.
According to the Korea Blockchain Association, a lobbying group for digital asset exchanges, the incoming president will have a favourable impact on the local cryptocurrency economy. Sohn Byung-doo, the CEO of Korea Exchange (KRX), has stated that the country should investigate and explore strategies to embrace the cryptocurrency business. According to the executive, there are over five million local investors, with a daily market trading volume of approximately $12 billion.