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S. Koreans are voting for their President to get better policies and ICOs in crypto

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South Korean crypto market

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.

Lee promised:

“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.

Read also: U.S. Treasury Secretary Janet Yellen’s statement pumps crypto market

S. Koreans are voting for their President to get better policies and ICOs in crypto

 

https://bitcoinik.com/s-koreans-are-voting-for-their-president-to-get-better-policies-and-icos-in-crypto/feed/

https://bitcoinik.com/s-koreans-are-voting-for-their-president-to-get-better-policies-and-icos-in-crypto/feed/

 

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