A candidate loyal to the crypto industry won the presidential elections in South Korea

The leader of the People’s Power Party of South Korea won the race for the presidency of the country, inspiring crypto enthusiasts with his program.

Yoon Suk-Yeol’s election campaign was aimed, among other things, at a young audience who want to own and use crypto assets. The nominee attracted youth votes by promising to raise the threshold for paying capital gains tax on cryptocurrency income from $2,000 to $40,000. In addition, Yoon Seok Yeol announced his intention to revise the 2017 ban on initial coin offerings (ICOs).

Throughout the election campaign, the future president promised to abolish the ineffective regulation of the cryptocurrency market. The candidate stated that the rules, “far from reality and absurd”, should be revised in order to “realize the endless potential of the virtual asset market.”

The administration of the previous president of South Korea pursued a policy of tightening cryptocurrency regulation. The authorities of the country carried out work on the systematic suppression of the activity of the cryptoindustry. In 2021, the government introduced a new regulatory process that eliminated roughly half of South Korean cryptocurrency exchanges.

Despite this, South Korea has become the third largest cryptocurrency market in the world, and the Korean won has become one of the most popular currencies for converting from cryptocurrencies to fiat.

Source: Bits

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