Today an election is going on in South Korea to choose the president for the country.
South Korea is a blockchain & crypto-friendly country in the world. On one side tech innovations are surging rapidly in Korea because of high-level tech supportive adoption, on the other side Blockchain Industry adoption is also evolving rapidly because of better use cases, which are not possible with traditional technology. But rules & policies on the crypto companies & community by the Korena government are very strict, to provide safety for the investors.
Today was a day for the citizens of South Korea to choose their president. Reportedly, the vote percentage touched the highest % in this presidential election in the history of Korean democracy. On 1p.m local time of Korea, already passed 60%.
In the election, the crypto community also grabbed huge traction because of the promises to bring a better environment for the crypto community.
However, crypto policies by the Korean government are already better but still, there are some unpleasant things, which are not suitable for crypto companies & also crypto investors.
To attract votes, during the campaign, both of the major parties included the agenda for the crypto Industry.
Lee Jae-Myung from The Democratic Party promised to give options & policies for the tokenization of securities & issuance.
“issue tokenized securities to give ill-earned profits from real estate speculation back to the people” and “allow citizens to invest in large-scale state development projects.”
Lee also promised that he would set up a “digital asset management and supervision agency” but this pledge of Lee turned into a monitoring agency for the crypto community. Besides these promises, Lee said that he will bring policies to allow the ICOs project under rules & regulations, which was banned in 2017 by the Korean government.
On the other hand, Yoon Seok-you from People Power Party promised to bring better policies for the crypto Industry to give provisions of the tax system just like equities, which includes a threshold of KRW 52.4 million or $42,450.
At present, Korean crypto traders are paying 20% tax on net profit gain per year, which includes a threshold of $2,024.
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