Will South Korea’s President Elect Ease Crypto Tax & Allow ICOs As He Promised?

Yoon Suk-yeol, South Korea’s president elect, showed a pro-crypto stance during his campaign, including raising the tax exempt limit for crypto trading profits.

Last week the candidate of the Conservative party, Yoon Suk-yeol, won the country’s presidential elections with only 263,000 votes more than his opponent. Yoon, who will officially enter into office in May, called his win a “victory of the great South Korean people.”

Yoon, during his campaign appeared as a supporter of the crypto industry. Initially, he promised to allow initial coin offerings (ICOs), and also said that those who generate profits of less than $40,000 per year from crypto trading will be exempt from paying taxes. Currently, these taxes are imposed on profits generated above $2,000 per annum.

According to Korea Blockchain Association, a lobby group for digital asset exchanges, the newly elected president will have a positive impact on the local cryptocurrency ecosystem. The association’s Secretary-General Yoon Seong-han said:

“We definitely welcome his stance as he is confident about boosting the industry. As ICOs are banned now, we have no choice but to issue coins in Singapore and other countries. Ventures and startups will be able to raise money easily from investors.”

Anndy Lian, the Chairman of BigONE Exchange was also excited about Yoon’s win and how it will affect crypto:

“He understands the importance of crypto. He understands the future, and it is unstoppable.”

South Koreans are keen crypto investors. A recent study revealed that around 15% of local crypto holders had allocated more than $8,000 each in the asset class.