South Korean Presidential Candidate Promises Support for Crypto Tax Exemptions
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- The South Korean parliament had postponed introducing a 20 percent tax.
- The presidential candidate even wants to authorize domestic ICOs.
The conservative People’s Power Party of South Korea has nominated Yoon Suk-yeol to run in the country’s forthcoming March presidential elections. During an appearance at the party headquarters on Wednesday, the opposition candidate made the vow, stressing that his government would raise the bottom limit of investment to the same amount as stock investments.
As a result, if he is elected, crypto purchasers in Korea may look forward to greater tax advantages. In addition, according to the Yonhap news agency, Yoon said that he plans to bring forth digital asset legislation that is specifically designed to safeguard investors. In addition, Seoul’s government would recover earnings from market manipulation under the new law.
Yoon said:
“I will foster a digital asset investment environment similar to the stock market to ensure young people can enter new markets without fear.”
New Governing Body
Developing a new governing body to oversee emerging digital industries like cryptocurrencies and non-fungible tokens (NFTs) is also a part of his plans for Korea’s burgeoning crypto business. In addition, the presidential candidate wants to authorize domestic ICOs.
The governing political party is also keen on attracting young voters interested in cryptocurrency. According to a recent announcement, the Democratic Party of Korea would seek election funding through cryptocurrency contributions and offer non-fungible token receipts to contributors. Lee Jae-myung, the Democratic Party’s presidential candidate, will utilize the digital funds to help fund his campaign.
It was announced in December that the South Korean parliament had postponed introducing a 20 percent tax on yearly income from virtual assets for one year until January 1, 2023.
Cryptocurrency
