South Korea’s Next President Might Create Parity for Crypto and Stock Market Traders
South Korean media expect the nation’s President-Elect to up the crypto tax limit to impose uniformity with stock market traders – and venture into the unknown with pro-crypto policies. However, this is likely to result in more regulation rather than a laissez-faire approach.
As reported, the main opposition candidate and former Prosecutor-General Yoon Suk-yeol won power earlier this week in a closely contested general election, beating his closest rival by less than a percentage point. Both candidates had made a range of pro-crypto manifesto pledges in a bid to win the votes of younger citizens.
But the big question for most crypto traders is – when Yoon takes power in May – will he deliver on these promises?
Little is known about Yoon as a political figure. As a career prosecutor, he only announced his plans to become a politician less than a year ago and has never previously stood for any other political office.
But South Korean media outlets, such as Yonhap and News1, as well as Money Today and Hanguk Kyungjae, examined the President-Elect’s comments and manifestos on crypto, and featured quotes from industry insiders who attempted to peek into the future of crypto under the soon-to-be President.
The outlets agreed that arguably the most eye-catching of all his crypto pledges was the promise to create parity between thresholds for crypto tax payment with KOSPI stock traders.
The current Moon Jae-in administration had created a law stating that all crypto-related earnings or trading profits above USD 2,100 per year would be subject to a 20% capital gains tax levy. But Yoon promised to raise that threshold to almost USD 41,000 per year (the current limit for KOSPI traders) when the new law comes into force.
The media outlets
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