HomeCryptoSouth Korea, the new president is crypto friendly

South Korea, the new president is crypto friendly

South Korea’s new president, Yoon Suk-Yeol, will take office on 10 May. He beat the democratic candidate Lee Jae-myung by around 240,000 votes, winning 48.56% of the vote, compared to 47.83% for his opponent.

South Korea’s new crypto-friendly president

This news immediately excited the crypto community, because based on campaign statements, the new president promised very favourable laws for crypto companies and those holding digital assets.

The 61-year-old Yoon became famous for his investigations as a prosecutor, which got two former presidents in trouble on corruption charges. He has pledged to raise the threshold for paying capital gains tax on gains from Bitcoin and other cryptocurrencies from $2,000 to $40,000, making him one of the most generous in the world when it comes to tax breaks for the cryptocurrency world.

South Korea new president
The new South Korean president will change cryptocurrency policies

South Korea’s crypto policies 

The new president has also stated that he will likely re-evaluate the government’s 2017 ban on Initial Coin Offerings (ICOs). It cannot be ruled out based on his statements that this ban may also soon be lifted.

In reality, even the progressive candidate had already shown a pro-cryptocurrency attitude during the election campaign, accepting cryptocurrency donations in support of his candidacy, also using NFTs.

However, it is a fact that his ruling party has implemented a policy that is certainly not favourable to the sector, implementing very restrictive regulations that have also led to the closure of 60 exchanges active in the country.

Yoon immediately focused not only on cryptocurrencies but also on blockchain technology to promote his candidacy to the country’s younger electorate, even using Avatars to answer voters’ questions.

This was probably the factor that allowed him to win the election if you consider that on the basis of the polls, 59.5% of people in their twenties and 54% of people in their thirties would have voted for him, while a large part of the female electorate would have voted for the Democrat.

Vincenzo Cacioppoli
Vincenzo Cacioppoli
Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.