Yoon Suk-yeol - South Korea's new president - promised he will allow initial coin offerings (ICOs) and impose friendly crypto taxation rules.
Yoon Suk-yeol – South Korea’s new president – promised he will allow initial coin offerings and impose friendly crypto taxation rules.
South Korea’s newly elected president – Yoon Suk-yeol – displayed a pro-crypto stance during his campaign. Among his ideas is increasing the minimum threshold for paying capital gains tax on profits from digital asset investments.Last week’s presidential election in South Korea was the most contested in the East Asian country’s history. The candidate of the Conservative party – Yoon Suk-yeol –only 263,000 votes more than his opponent – the Democratic Party’s Lee Jae-myung.
During his campaign, Yoon showed he is a keen supporter of the cryptocurrency industry numerous times. Initially, he promised to allow initial coin offerings . In another appearance, the former prosecutor said that those who generate profits of less than $40,000 per year from crypto trading will be exempt from paying taxes. Currently, such taxes are imposed on profits generated above $2,000 per annum.that the new president will positively impact the local cryptocurrency ecosystem.
“We definitely welcome his stance as he is confident about boosting the industry. As ICOs are banned now, we have no choice but to issue coins in Singapore and other countries. Ventures and startups will be able to raise money easily from investors [if the ban is lifted].”“He understands the importance of crypto. He understands the future, and it is unstoppable.”
It is worth noting that private digital assets are highly popular among South Koreans, as the most enthusiastic demographic group are those in their 30s. A recent study revealed that around 15% of local crypto holders had allocated more than $8,000 each in the asset class.Not long ago, Sohn Byung-doo – CEO of Korea Exchange –The exec outlined there are around five million local investors, while the daily market trading volume is about $12 billion.
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