Yoon Suk-yeol, a conservative and pro-crypto candidate, won South Korea’s closely battled presidential election on Thursday, capturing over half of the vote in a race that saw 77 percent of voters turn out. ICON, a South Korean project, soared over 60% in less than a day, boosted by hopes that Yoon’s triumph will usher in a slew of pro-crypto laws.
The country has a young, tech-savvy population, which flocked to Yoon in part because of his pro-crypto stance and pledge to deregulate the country’s burgeoning crypto business. Yoon coined an NFT of his signature on the ICON blockchain last winter, and he also created his own NFT collection in the run-up to the election.
After the election result, the Korean won is the third most preferred currency for Bitcoin-to-fiat conversions, and South Korea is now the world’s third-largest crypto trading market, according to some estimates. But in recent years, the local crypto business has been hindered by stricter rules and a crackdown on local crypto exchanges.
Yoon has said about the country’s restrictive crypto policies that they must change regulations that are far from reality and illogical to achieve the maximum potential of the virtual asset market.
Yoon has promised to reduce capital gains taxes on crypto revenues and assist victims of crypto crimes in recouping financial losses, unlike his predecessor, who oversaw the shutdown of around 70 crypto exchanges. He intends to raise the capital gains tax threshold on crypto revenues from $2,000 to $40,000, which will be a win for crypto traders in the country.
Despite the fact that gender equality has been emphasized as a crucial electoral issue during Yoon Suk-yeol election campaign, many younger individuals are more concerned about the economy. The majority of South Koreans are unable to find cheap accommodation, with homes in the capital Seoul now costing about $1 million, putting them out of reach for the vast bulk of the population. Crypto has been one option for those seeking greater economic mobility.
Yoon’s crypto policies may be more advantageous for young South Koreans. The politician claimed that, among other things, he would repeal a 2017 prohibition on initial coin offerings (ICOs), which have been plagued by rug-pull frauds in recent years.
- Also read about: The Expo Crypto Summit in Dubai
- Also read about: The first version of rewards issuance formula of Pi Network
- Also read about: Crypto in Sports industry