South Korea Elects Crypto-Friendly President Who Vows to Deregulate Digital Asset Industry – In the country’s most closely fought presidential election, South Korean voters elected Yoon Suk-yeol of the conservative People Power Party as their new president on Wednesday.
Between 2019 and 2021, Yoon served as South Korea’s prosecutor general under President Moon Jae-in.
According to local media, he pledged in January to “deregulate” the crypto industry in order to support its growth. At a virtual asset forum, he was cited as saying:
“We must reform policies that are far from reality and illogical in order to fulfill the virtual asset market’s limitless potential.”
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According to Yonhap News, he stated that the crypto business should be allowed to function without rules until they are specifically outlawed. “We need to move to a negative regulatory framework to ensure that at least the virtual asset market is unaffected.”
South Korean President-elect Moon Jae-in also promised to make it easier for crypto investors to pay taxes. He proposed increasing the cryptocurrency investment tax threshold from 2.5 million to 50 million.
He also advocated for policies that would allow the cryptocurrency industry to create unicorns. Yoon also stated that he will develop a digital asset law and lay the basis for initial exchange offers (IEOs) to help the crypto industry grow.
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South Korea Elects Crypto-Friendly President Who Vows to Deregulate Digital Asset Industry – In January, the president-elect stated:
“I will establish an environment in which virtual asset investors can feel secure about their investments.”
“We truly hope that President-elect Yoon Seok-yeol will be able to lead the promising future of Korea and the Korean blockchain ecosystem,” the Korea Blockchain Association declared in response to Yoon’s election victory.