The South Korean presidential election was won by the candidate who advocated a more lenient tax regime for bitcoin.
Yoon Suk-Yeol, a member of the Conservative Party, was elected President of South Korea. The new political leader of the country is a supporter of cryptocurrency. He has promised to raise the capital gains tax threshold for those who invest in digital assets.
Will South Korea be a cryptocurrency hub thanks to Yoon?
The presidential election in South Korea was one of the bitterest in the country’s history. Former prosecutor and Conservative Party candidate Yoon Suk-Yeol, 61, beat Democrat Lee Jae-Myung in the March 1 runoff election.
Furthermore, citizens were excited about the elections, as 77% of South Korean adults participated in the process. Only 263,000 public votes were received for each of the finalists. Yoon referred to her victory as a “victory of the vast South Korean people,” and described it as such.
Specifically, he has promised to increase the capital gains tax exemption from $2,000 to $40,000. If blockchain technology catches on, South Korea could become a blockchain hot spot as well as a hub for digital assets.
It’s worth noting that Yoon’s opponent, Lee Jae-Myung, has a soft spot for cryptocurrencies. He raised money for his campaign by issuing non-fungible coins earlier this year. The trinkets bore his image and could be exchanged for other people’s.
Leaders interested in cryptocurrencies
Francis Suarez and Eric Adams are among the lawmakers who support crypto.
The first is the mayor of Miami, who made history by becoming the first politician to receive compensation in bitcoins instead of dollars. Suarez, apart from praising the cryptocurrency business, is a long-term investor in BTC and ETH.
New York City Mayor Eric Adams is a big supporter of the industry. Suárez’s first three salaries would be paid in bitcoin, as would his first three payments. Adams also advocated for schools to educate students about blockchain technology and digital assets.
On topics like self-driving cars, drones, cybersecurity and other emerging technologies, the mayor praised New York for being a “hub of innovation.” Cryptocurrency is a new technological development that young people should get acquainted with.
