Yoon Suk-yeol, a conservative South Korean presidential candidate from the main opposition, will become the next president of the country.
Yoon, who represents the opposition People Power Party, won by a margin of less than 1%, according to the BBC’s report.
Earlier in his campaign, Yoon vowed to deregulate the virtual asset industry to further promote its growth, saying that the industry should be allowed to operate without regulations unless they have been explicitly prohibited. He said:
“To realize the unlimited potential of the virtual asset market, we must overhaul regulations that are far from reality and unreasonable.
We must shift to a negative regulation system to ensure at least the virtual asset market has no worries.”
Some of the specific measures he proposed was easing tax requirements on crypto investment profits.
South Korea’s presidential election featured crypto as a notable policy topic. In what is perhaps a sign of the times, both Yoon and opponent Lee Jae-myung of the ruling Democratic Party both issued campaign-related non-fungible tokens during the campaign.
