South Korean Election: How Will 6 Million Crypto Traders Vote?
South Korean election results could hinge on the voting intentions of the country’s 6 million crypto traders, reports claimed April 9.
The nation goes to the polls on April 10 to vote in legislative elections, with both major parties making crypto-related manifesto pledges.
Crypto policy has changed rapidly in South Korea in the past few years, due mainly to closely fought elections.
While older citizens outnumber the young in South Korea, younger citizens tend to be politically unaffiliated.
As such, the youth is considered a decisive swing vote group – and one that politicians are hoping to woo with pro-crypto policies.
The Democratic Party, Hanguk Kyungjae reported, has told voters it will push regulators to approve Bitcoin and altcoin spot ETFs if it wins a majority in the National Assembly.
The party of President Yoon Seok-yul, the People’s Power Party, has promised to once again defer the introduction of capital gains tax on crypto-related profits.
South Koreans head to the polls on Wednesday for the legislative elections, two years after Yoon took office. If the opposition wins 200 seats or more out of 300, there is a risk Yoon could face impeachment.https://t.co/aL3LNsXgPb
— Hyunsu Yim (@hyunsuinseoul) April 9, 2024
Politicians have used crypto tax as a political football in recent years, deferring its introduction on multiple occasions.
As things stand, crypto traders are set to begin paying tax on their profits from January 1, 2025.
However, these plans could well be set for further revision regardless of April 10’s vote.
People’s Power representatives have also said they want to create regulations that will help protect crypto investors.
The media outlet wrote that “attention” in South Korea was now firmly “focused on
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