S. Koreans are voting for their President to get better policies and ICOs in crypto
Today an election is going on in South Korea to choose the president for the country.
South Korea is a blockchain & crypto-friendly country in the world. On one side tech innovations are surging rapidly in Korea because of high-level tech supportive adoption, on the other side Blockchain Industry adoption is also evolving rapidly because of better use cases, which are not possible with traditional technology. But rules & policies on the crypto companies & community by the Korena government are very strict, to provide safety for the investors.
Today was a day for the citizens of South Korea to choose their president. Reportedly, the vote percentage touched the highest % in this presidential election in the history of Korean democracy. On 1p.m local time of Korea, already passed 60%.
In the election, the crypto community also grabbed huge traction because of the promises to bring a better environment for the crypto community.
However, crypto policies by the Korean government are already better but still, there are some unpleasant things, which are not suitable for crypto companies & also crypto investors.
To attract votes, during the campaign, both of the major parties included the agenda for the crypto Industry.
Lee Jae-Myung from The Democratic Party promised to give options & policies for the tokenization of securities & issuance.
Lee promised:
“issue tokenized securities to give ill-earned profits from real estate speculation back to the people” and “allow citizens to invest in large-scale state development projects.”
Lee also promised that he would set up a “digital asset management and supervision agency” but this pledge of Lee turned into a monitoring agency for the crypto community. Besides these promises, Lee said that he will bring policies to allow the ICOs project under rules & regulations, which was banned in 2017 by the Korean government.
On the other hand, Yoon Seok-you from People Power Party promised to bring better policies for the crypto Industry to give provisions of the tax system just like equities, which includes a threshold of KRW 52.4 million or $42,450.
At present, Korean crypto traders are paying 20% tax on net profit gain per year, which includes a threshold of $2,024.
Read also: U.S. Treasury Secretary Janet Yellen’s statement pumps crypto market
