Highlights
- Yoon Suk-yeol, the candidate of the Conservative Party, received only 263,000 more votes than Lee Jae-myung, the candidate of the Democratic Party.
- The current taxation regime applies to profits exceeding $2,000 per year for corporations.
- Top south Korean Exchanges Praises New ‘Pro Crypto’ President
The presidential election in South Korea last week was the most controversial in the country’s history, with a record number of candidates running against each other.
Yoon Suk-yeol, the recently elected president of South Korea, advocated for the use of cryptography during his campaign.
When it comes to crypto industry, Yoon has made it clear that he is a major backer of the cryptocurrency industry. In the beginning, he stated that initial coin offers (ICOs) would be allowed (ICOs).
When asked about crypto traders earning less than $40,000 a year in another appearance, the former prosecutor stated that they will be exempt from paying taxes.
One of his recommendations is to raise the minimum threshold for paying capital gains tax on profits from digital asset investments from its current level of $1 million.
Members of the crypto-community extend their warmest greetings to the newly elected president.
Chairman Of BigONE Exchange Praises New South Korean ‘Pro Crypto’ President
“We commend his attitude since he is positive about the future growth of the industry.”
“Our only option is to issue currencies in Singapore and other countries because initial coin offerings (ICOs) are no longer permitted under Singaporean law. It will be easier for initiatives and startups to raise funding from investors if the prohibition is lifted.”
In addition, Anndy Lian, Chairman of BigONE Exchange, expressed support for Yoon’s point of view.
“He understands the relevance of cryptography.” He has a strong vision of the future, and he believes it will be unstoppable.”
South Korean Exchange KRX to Compete with Foreign Exchanges.
According to the executive,
“there are over five million local investors, with a daily trading volume of around $12 billion on the local stock exchange. If the country does not continue to engage with the asset class, it runs the risk of falling farther behind other countries that have already done so”, including:
“Now is the time for domestic exchanges to compete directly with foreign exchanges,” says the author.
