A candidate who insisted on more lenient rules for taxing cryptocurrencies won the South Korean presidential election. Can the country become a cryptocurrency hub?
Conservative Party member Yoon Seok-yeol won the presidential election in South Korea. The East Asian country's new political leader is openly supporting cryptocurrencies. During his recent campaign, he promised to raise the lower limit of capital gains tax on profits from investments in digital assets.
Will South Korea become a cryptocurrency hub?
The presidential election was one of the most controversial choices in South Korean history. Yoon Suk-Yeol – a 61-year-old former prosecutor who was the conservative party's candidate – won after a fierce battle with Lee Jae-myung, who started in the colors of the Democratic Party.
There was also a lot of local interest in the election, with 77% of Korean adults turning out to vote. In the end, the two candidates were separated by only 263,000 votes. Yoon, known for his crypt-friendly views, called his victory "a victory for the great Korean people.
In one of his recent actions, he promised to raise the minimum capital gains tax on income from cryptocurrency investments from $2,000 to $40,000. If this happens, South Korea could become an attractive destination for cryptocurrencies or even become a digital asset hub.
Notably, Yoon's opponents also support the cryptocurrency industry. Earlier this year, it released the New Democracy Party to fund its political campaigns. Irreplaceable tokens paint his image.
The basement is also infiltrating politics
Speaking of Cryptopolitan politicians, it is worth mentioning Francis Suarez and Eric Adams.
The former is the mayor of Miami, who became the first politician to receive his salary in Bitcoin rather than his son's currency. In addition to praising the merits of the cryptocurrency space, Suarez is also known as a holder.
Eric Adams – a new constituent in New York City – is also an avid supporter of the industry. Like Suarez, he vowed to pay his first three salaries in bitcoin. At one point, Adams even thought he should hold talks in schools for kids about blockchain technology and cryptocurrencies.
The mayor praised New York as an "innovation hub" where scientists are working on self-driving cars, drone development, cybersecurity and other areas. He added that cryptocurrency is another technological innovation that young people need to embrace.