Main Opposition Candidate for South Korea’s President Pledges to Support Crypto Tax Free – Tax Bitcoin News

South Korea’s opposition party’s leading presidential candidate has promised voters an exemption to ease the tax burden on crypto-related profits. Yoon Suk-yeol said in a recent statement that cryptocurrency investors will be seen as those who put their money into stocks.

Presidential Candidate Hopes To Attract Young Voters With Crypto Tax Cuts

Yoon Suk-yeol, a candidate for South Korea’s conservative People’s Power Party’s upcoming presidential election in March, announced his intention to support raising the tax threshold on crypto investment gains from the current 2.5 million won (about $2,100, according to South Korean media reports) to 50 million won (just over $42,000).

The opposition candidate made the pledge at party headquarters on Wednesday, noting that his government would raise the floor to the level that now applies to stock investing. Thus, Koreans who purchase cryptocurrency can expect more substantial tax exemptions if he is elected.

Yonhap added that Yoon revealed that he would also propose a digital asset law aimed at enhancing investor protection. At the same time, under the new legislation, the Seoul government will be able to capture profits made through market manipulation.

Part of his plan for South Korea’s growing cryptocurrency space also includes the creation of a new government agency to oversee new areas of the digital industry, such as cryptocurrencies and non-fungible tokens (NFT). The presidential candidate also wants to allow domestic initial coin offerings (ICO). He emphasized:

I will foster a digital asset investment environment similar to the stock market to ensure that young people can enter new markets without fear.

Attracting young voters interested in cryptocurrencies has also become a priority for the ruling political forces.Democratic Party of Korea Announce Most recently it will raise election funds through cryptocurrency donations and issue receipts to donors in the form of non-fungible tokens. The digital currency will be used to fund the campaign of the party’s presidential candidate Lee Jae-myung.

In December, South Korea’s National Assembly postponed 20% tax Annual Profits for Virtual Assets, originally scheduled to be launched in January, for a period of one year until January 1, 2023. Lawmakers approved the move compared to a tax on equity investment gains after opposition members and representatives of the country’s crypto industry criticized the different structure of the crypto tax.

Do you think Yoon Se Yeol will deliver on his promises to cryptocurrency investors after the March presidential election? Let us know in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.