The election of Yoon Suk-yeol as president of South Korea could usher in a new era for cryptocurrencies in the country

A prominent campaign subject is policy improvements in the digital asset business.

Suk-yeol pledged lower taxes and incentives to help the economy harness the potential of digital assets.

The election of Yoon Suk-yeol as president of South Korea could usher in a new era for cryptocurrencies in the country

Yoon Suk-yeol, a conservative South Korean candidate, won the president by a razor-thin margin over his closest rival, Lee Jae-myung. On the cryptocurrency deregulation platform, Suk-yeol, a former prosecutor who has previously imprisoned South Korean officials on corruption accusations, ran a campaign.

As a campaign topic, cryptocurrency grabbed center stage, with prominent politicians expressing pro-crypto policies to appeal to young voters. The dispute erupted as a result of new crypto market laws.

The Financial Services Commission (FSC), Korea's financial watchdog, has set tough regulatory measures, such as requiring banks to monitor the accounts of crypto exchanges operating in the nation. Furthermore, around 70 exchanges in the country were forced to close last year due to a regulatory crackdown.

With South Korea having one of the highest rates of bitcoin adoption in the world, the need for crypto-friendly legislation and enforcement has become critical. The country's sky-high real estate prices and difficulty finding work have prompted young people to invest in areas related to cryptocurrencies and blockchain technology.

Furthermore, the relevance of crypto investors has been demonstrated in the past, with the national parliament delaying a virtual asset tax plan for a year after many protests against the policy.

Cryptocurrencies have gotten a lot of attention from presidential hopefuls.

During his campaign, the incoming president promised to de-regulate the cryptocurrency business in order to boost its growth. He promised to increase the tax threshold on cryptocurrency revenues from 2.5 million won to 50 million won.

Yoon stated in his plan that he is willing to put in place measures to entice unicorns to the cryptocurrency business and help them flourish. Non-fungible tokens (NFTs) and games that produce tokens for players have already piqued the interest of some of the country's largest gaming corporations.

Yoon assuaged concerns that crypto adoption would stifle South Korea's currency, and urged the country to compare its attitude on crypto to that of the United States. She claims that crypto and digital assets have enormous job-creation potential, and that if elected, she will embrace the digital economy in accordance with evolving market trends.

He also stated that he will put in place procedures to protect investors and confiscate unlawfully gained cryptocurrency gains.

Lee, the runner-up, planned to use cryptocurrencies to transfer unearned wealth to residents. The idea, however, was believed to be impractical and entirely prompted by the campaign.

Former IT engineer Ahn Cheol-soo did not guarantee many policy changes, but he did ask for greater transparency in the bitcoin sector. He also planned to use blockchain technology for transparency, with the goal of forming his own political party, The People's Party, based on it, however he was unsuccessful.

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