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Crypto: 0% taxes in South Korea?

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Yoon Suk-yeol recent election may have a huge impact on the South Korean crypto environment. The president-elect, who is openly pro-crypto, made a stunning announcement: 0% taxation on crypto earnings up to $40,000 per year!

South Korea, which is lagging behind other nations in terms of crypto acceptance, might swiftly embrace a more conducive atmosphere. A new atmosphere is being created as a result of the ideas of a newly elected president.

The Guarantee of 0% Taxation on Earnings up to $40,000!

One of the president-campaign elect’s pledges in particular piqued the interest of cryptophiles. Indeed, Yoon Suk-yeol has vowed not to tax cryptocurrency capital gains if they do not exceed 50 million won each year (about 40,000 dollars). A plan to standardize the taxation of the country. Indeed, stock market profits on the acquisition of shares are already exempt at the same 50 million won level.

This pledge most likely weighed heavily on the result of the election. Especially among the younger voters. According to a recent South Korean poll, approximately one-third of students had already invested in cryptocurrency. According to financial regulator statistics, more than 15 million people have accounts with brokers who provide digital assets.

Since parliament announced a law in 2020 that would levy a 20% tax on cryptocurrency revenues, bitcoin taxation has been a big topic in South Korea. Without regard for the ceiling.

A Crypto-Friendly Program!

Yoon Suk-yeol, a 60-year-old politician, ran on a platform that was mostly friendly to digital assets. In addition to promising tax relief, the candidate stated his willingness to approve ICOs (Initial Coin Offering). A move aimed at boosting South Korea’s blockchain economy.

This campaign commitment was also appreciated by the secretary general of the Korean Blockchain Association:

We welcome his stance as the president wants to boost the crypto industry. Since ICOs are banned in Korea, we have no choice but to issue coins in Singapore and other countries. Companies and startups will be able to easily raise funds from investors (if the ban is lifted).

Investors and crypto enthusiasts are now awaiting concrete action. Regardless, the initiatives suggested should help the blockchain industry to launch projects with more ease. The president-elect, who was elected last week, is set to take office in May of next year.

South Korea Expands its Crypto Initiatives!

While Yoon Suk-campaign yeol’s pledges would undoubtedly promote the cryptocurrency sector, South Korea has already begun its revolution. Although the country lags behind other Asian countries such as Japan in terms of adoption, public or private initiatives are no longer lacking nowadays.

South Korea, as a global digital powerhouse, is likewise looking for a role in the new digital economy. The country just committed $187 million in a national metaverse initiative.

The regulatory framework must be stabilized for the improvement to endure. South Korea’s cryptocurrency business took a beating last year. Due to increasingly stringent administrative requirements, two-thirds of exchanges have been forced to close their doors. Closures led to a $2.6 billion loss.

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