South Korea New President insisted on softer crypto taxation rules won the South Korean presidential elections
Yoon Suk-Yeol, a Conservative Party member, was elected president of South Korea. The East Asian country’s new political head has taken a pro-crypto position. Not long ago, he pledged to raise the minimum capital gains tax threshold for revenues from digital asset investments. They have gained favor among the younger, more crypto-enthusiastic public due to their pro-crypto attitude, which contrasts with previous President Moon Jae-ban In’s position on bitcoin exchanges.
Yoon, a 61-year-old former prosecutor who assisted in the convictions of two former presidents on corruption charges, has pledged to increase the capital gains tax threshold on Bitcoin and other crypto from $2,000 to $40,000, establishing one of the world’s most generous tax-free allowances.
Yoon’s acceptance of Bitcoin is a departure from the previous government’s regulatory tightening. After the sector grew in 2017, and South Korea emerged as the world’s third largest market for bitcoin trading, the departing progressive party began cracking down on cryptocurrencies. Although the Korean won remains the third most often used currency for converting Bitcoin to cash, the government implemented a new regulatory process last year that shuttered about half of South Korea’s crypto exchanges.
In South Korea, cryptocurrency trades are worth an average of $9.4 billion every day. According to a recent poll, crypto investors in their 30s, 40s, and 20s account for 31% of the population. South Korea is 16th in terms of worldwide cryptocurrency usage, with approximately 2 million people, or 3.8 percent of the country’s total population of 55.7 million, owning some kind of cryptocurrency.
