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South Korea’s President-Elect Pledges to Revamp Country’s Crypto Industry

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South Korea’s President-Elect Pledges to Revamp Country’s Crypto Industry

Yoon Suk-Yeol, the winner of the recently concluded presidential election in South Korea has promised to scrap capital gains tax for crypto transactions below $40k and implement amenable policies that would create an enabling environment for bitcoin (BTC) and altcoins to thrive, according to a Nikkei report on March 15, 2022.

Korea’s President-Elect to Foster Crypto Adoption

It’s the dawn of a new era in South Korea, as president-elect Yoon Suk-Yeol, who is expected to assume office later in May, has promised to implement measures that would make the nation a hotbed for crypto and blockchain technology.

The crypto-loving President-Elect during his campaign promised to put an end to the ban of initial coin offerings (ICO) ban in the country once in office and also promised to lower the taxes on capital gains from crypto trading in an apparent move to shore up crucial support from Koreans in their 20s and 30s.

Importantly,  Yoon has stated categorically that he plans to reform Korea’s crypto industry via various amenable policies, starting with the elimination of capital gains tax on crypto transactions below  $40,000 or 50 million won, effectively treating crypto gains the same as stock trading winnings.

Stakeholders in South Korea’s crypto space have welcomed the proposed changes, as they see it as a forward-thinking maneuver that would bring a positive turnaround in the nation’s digital asset space. 

Previous government policies have not been favorable to a good number of crypto-focused businesses, as the stringent, albeit draconian regulations have forced many market participants to close shop entirely in search of greener pastures abroad.

Commenting on the exciting development, the secretary-general at Korea Blockchain Yoon Seong-Han stated :

“We 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].”

Another El-Salvador in the Making?

As expected, the victory of the bitcoin-friendly Conservative People’s Power Party’s candidate triggered a significant price gain for the stocks of some crypto-related firms throughout the country.

Shares of Vidente, a telecoms facility maker that owns a 34.2% stake in South Korea’s biggest cryptocurrency exchange Bithumb Holdings, jumped 11.3% over two days last week after Yoon’s victory was announced, before falling by 5.37 percent on Monday and 2.39 percent on Tuesday.

On September 7, 2021, authorities in El Salvador successfully implemented the Bitcoin Law, making the tiny central American nation the first sovereign state in the world to fully make bitcoin a legal tender alongside its fiat money.

With South Korea now on the verge of swearing-in another staunch crypto advocate as president, it remains to be seen whether Yoon and his team will be audacious enough to follow El Salvador’s lead.

At press time, the bitcoin (BTC) price is hovering around $39,340, with a market cap of  $746.86 billion, as seen on CoinMarketCap.