Yoon promised to raise the threshold for paying taxes on capital gains from cryptocurrencies to between USD 2,000 and USD 40,000. He stated that they should review unrealistic regulations to take advantage of the potential of the virtual asset market.
Yoon Suk-yeol, from the People’s Power Party, recently won the South Korean election by a narrow margin over Lee Jae-myung, from the Democratic Party. It is relevant to note that the new president of the Asian country favors the use of crypto assets.
The count of 98% of the votes showed that Yoon, from the People’s Power Party, obtained 48.59%, and Lee, from the Democratic Party, obtained 47.79%.
Cryptocurrencies dominated the election discourse in South Korea, with both candidates launching NFTs related to their campaigns.
Yoon directed his pro-crypto campaign strategy at the disaffected youth, who constituted decisive swing votes. He expressed in the National Assembly that this was a victory for the people of South Korea.
The 61-year-old president-elect of South Korea is a lawyer and politician who served as attorney general from 2019 to 2021.
Yoon Suk-Yeol Is in Favor of Crypto Assets
When the presidential campaign of South Korea officially began, the team of Yoon Suk-yeol deployed an Al Yoon. They used that digital avatar to answer the questions that voters asked daily.
Yoon Suk-yeol also released an NFT collection with photos and videos to promote his candidacy among technology experts.
The crypto politician promised to raise the threshold for paying taxes on capital gains from Bitcoin and other cryptocurrencies to between USD 2,000 and USD 40,000.
The President-Elect Talks on the Future of Digital Assets
Yoon might review a 2017 ban on initial coin offerings (ICOs) and reinstate the controversial fundraising mechanism.
During his campaign, Yoon promised to deregulate the cryptocurrency industry in his country. In January, he stated that it was necessary to review unrealistic to take advantage of the potential of the virtual asset market.
He said that they should review regulations that are far from reality. In addition, he stressed that they should switch to a new system of laws to ensure that the virtual asset market does not cause concerns.
Among his plans, Yoon added he wanted to help create blockchain-related unicorns. He noted that those startups could be worth USD 1 billion or more in South Korea.
He also promised to introduce legislation to return profits made through illicit cryptocurrency activities to their victims. That raised hope among those who associate those decentralized assets with money laundering and terrorism financing.
To conclude, Yoon Suk-yeol will take office as the president of South Korea in May. He will serve his term for just five years in one of the largest economies worldwide.
The relevance of cryptocurrencies is becoming increasingly evident, which the politicians of various countries understand. Although many allege that criminals use those assets to carry out illicit activities, several studies have revealed they are more frequent with fiat money.
By Alexander Salazar
