South Korean citizens selected crypto-friendly President Yoo
South Korean citizens successfully choose their president to lead the country in the world. Now the young generation of South Korea is aiming to get huge from the president to get better crypto policies.
South Korea is a crypto & blockchain-friendly country in the world. In the last year, the Government of South Korea imposed highly strict rules to ensure the investors in terms of protection, manipulation & illegal use of crypto assets. Now the crypto industry is expecting to get better results, at least in favor of the crypto investors.
According to reports, Yoon, a leader of the People Power Party, successfully won the election. In this election, Yoon beat his opponent with only 1% high vote support, which is hinting that competition between the two presidential candidates was at a very high degree.
Both of the two candidates promised to provide better crypto industry-related policies so that citizens can take huge advantages from the crypto & blockchain industry. And also both the parties used the crypto NFTs support during their campaign.
Youngsters looking at Yoo to get better policies on crypto
During the presidential campaign Yoo and his opponent promised to introduce crypto-friendly policies. And surely it attracted huge numbers of the young generation to support them.
Yoo promised that he will de-regulate Bitcoin & crypto so that the industry can evolve with its best potential. During the crypto conference event, he said laws “far from reality and absurd” must be revised to “realize the infinite potential of the virtual asset market.”
Besides the better-revised regulation, Yoo also promised to introduce a new threshold to impose a tax, so that citizens can pay tax less on their net gain just like the Securities market.
It will be interesting to see what will be the new efforts by the government of South Korea under the umbrella of Yoo on crypto because reports are claiming that the Ministry of Strategy and Finance will introduce tax rules on the transactions of crypto assets, outside the profit or loss, so it will be a very tedious job for Yoo to fight against the old legislation.
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