After a hectic political campaign, the presidential candidate of conservative party Yoon Suk-Yeol was elected as the new president of South Korea. He was able to secure 1% more votes in comparison to his rival in the election race. However, both presidential candidates issued NFTs to attract the attention of the younger generation in an attempt to bag their votes.
Voters closely listened to the cryptocurrency promises made by both presidential candidates. The elected president has promised to free the Bitcoin market from a heavy burden of regulations. He also declared that the cryptocurrency space requires an unorthodox and unique regulatory framework due to its nature.
Local Cryptocurrency Business Community
According to the policy promises of South Korean President-elect Yoon, his administration will ensure the formation of more unicorns in the crypto sector. He also claimed that the capital gain taxes are going to increase for the space before introducing the new policies. Yoon also plans to introduce amendments to ease the 2017 ICO restrictions in the country.
It is worth mentioning that ICO is Initial Coin Offerings that the crypto startups arrange to collect funds from the public and corporate sector for building their infrastructure. However, after several instances of ICOs frauds, the government decided to implement stringent sanctions on the industry. Meanwhile, many gaming and entertainment companies are planning to introduce play-to-earn platforms and NFTs that can take advantage of amendments.
South Korea can Become One of the Most Tax-Friendly Countries
At present, all cryptocurrency exchange platforms and tokens do not have any legal standing in South Korea. Due to this lacking, the crypto market is largely untaxed. However, the office of the Strategy and Finance ministry plans to add digital assets into the local taxonomy laws as well. South Korean investment in the cryptocurrency market accounts for around 27% of the total market presence.
Meanwhile, the daily crypto trading volume for South Korea is valued at $9.4 billion per day. Citizens in their 20s, 30s and 40s age bracket make up for 31% of the total digital asset investors in South Korea. President Yoon has plans to expand the capital gains tax boundary from $2000 to $40,000, which will make the country one of the most BTC trader-friendly tax rates in the world.