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South Korea’s New President is a Known Crypto Proponent

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South Korea recently held a presidential election, which resulted in Yoon Suk-Yeol becoming the country’s new leader. The country’s new leader is also a major crypto proponent, and he seems to have a plan for how South Korea should go about handling the crypto industry.

South Korean president wants to deregulate cryptocurrencies

While most countries in the world are still struggling to regulate cryptocurrencies in any measure, South Korea is actually one of the few that have created quite a few rules regulating digital currencies. However, the new president believes that these regulations are “Far from reality and unreasonable.” As a result, he aims to deregulate the industry and introduce more favorable laws.

Yoon vowed to deregulate the digital currency industry earlier this year, in January, and he believes that doing so will promote its growth. He stated that the virtual asset market has unlimited potential, but in order for it to be used, the crypto industry-related laws need to become more favorable.

His idea is that the crypto industry will be in the best position if allowed to operate without regulations. Of course, this is only true in cases where cryptocurrencies have not been explicitly prohibited. He also believes that it is necessary to reduce the tax laws and that the tax threshold for crypto investing should be moved from 2.5 million won (~$2,000) to 50 million won (~$40,400).

Yoon has made a lot of promises, such as enabling measures that will let the crypto industry produce unicorns, or introduce new groundwork for IEOs and bring laws that will allow digital assets to thrive. Such promises have been rather popular among the younger generations in the country, mostly those between 20 and 30 years of age, which includes the people who are the most interested in crypto investing.

A narrow election

Interestingly enough, Yoon’s opponent, Lee Jae-Myung is also not against the crypto sector. In fact, he even issued NFTs that allowed him to fund his political campaign. However, it appears that Yoon Suk-Yeol, a 61-year-old who previously worked as a prosecutor, managed to secure a fairly narrow victory.

The election was quite highly anticipated by the country’s people, and it saw 77% of the country’s adults coming to vote. However, the difference between the two candidates was only 263,000 votes.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

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