South Korea elects new Crypto-Friendly President, Yoon Suk-Yeol

Head of the People Power Party in South Korea, Yoon Suk-Yeol, has been elected president, making him the first pro-crypto leader the country has ever had. Yoon Suk-Yeol narrowly edged out the victory from the Democratic Party’s nominee, Lee Jae-Myung.

Suk-Yeol garnered 49% of the total votes as his crypto-friendly attitude made him a popular candidate amongst the younger voting population. Additionally, his technology-focused approach seemed to have been key to his electoral success.

During his campaign, Yoon Suk-Yeol promised that he would raise the capital gains tax threshold on Bitcoin and other cryptocurrencies from $2,000-$4,000. If the promise pushed through, this would make South Korea the world leader in terms of the crypto tax allowance. Furthermore, he states that he will reexamine the 2017 ban on initial coin offerings (ICOs) as he plans to restore the divisive fundraising method.

“Initial coin offering does not have to be forbidden, and its side effects can be prevented by a new act on digital assets,” he said.

An ICO is a method of raising capital for a new cryptocurrency enterprise. However, ICOs have had the reputation for being riddled with scams, as currency issuers tend to disappear once funding is complete.

Adding to his crypto-friendly stance, Suk-Yeol made his appreciation for NFTs public as he launched his collection while campaigning.

According to reports, younger South Koreans are looking to Suk-Yeol to lead them towards a more economically progressive future. Whether or not the new president can keep his promises remains to be seen.

Source: Business Korea, Business Today