South Korean president turning the country into crypto hub
During the 2022 presidential elections, Yoon Suk-yeol collected 263,000 votes more than his opposing candidate and was declared the winner and the newly elected president.
In his campaign, he also promised the use of initial coin offerings or ICOs. In another statement, he vouched tax exemption for those users who generate only $40,000 or less from crypto trading.
Newly elected South Korean president, Yoon Suk-yeol gave a pro-crypto attitude when he campaigned. Among his platforms is increasing the minimum paying capital gains tax from crypto investments.
With the increasing popularity of crypto sites like bitcoin casino online, the need for more lax protocols and the openness for the crypto market in general is a welcome change.
Crypto market welcomes the new president
The Korean Blockchain Association, an organization that is focused on the continuous growth of the blockchain industry, predicted that the newly elected president will positively impact the market in several ways. With how volatile the crypto market can be, it’s going to cause an upside for the market in the later years.
‘We definitely welcome his stance as he is confident about boosting the industry. As ICOs are banned now, we have no choice but to issue coins in Singapore and other countries. Ventures and startups will be able to raise money easily from investors (if the ban is lifted)’. Secretary-General Yoon Seong-han stated.
It should also go without saying that the private crypto market in South Korea is among the most famous industries in the country. What’s interesting is that most users are from 20s to 30s. This is also because of how accessible the coins and different crypto exchanges are.
With how enthusiastic the new president is about cryptocurrencies, the future bears great light as the popularity of the coin increases even more in the coming years.
Should South Korea embrace the new age of crypto?
As the crypto market grows even further, more countries should adapt to its changes and begin taking advantage of its fame. Here, South Korea can take the word from its newly elected president after providing insights of his new rules that heavily favor crypto users.
Should South Korea embrace the crypto revolution? The best case scenario for Korea is to make the market more open to new users and explore the potential of what it can bring to future crypto investments.
To simply answer the question, just like the rest of the world, time will come that South Korea will embrace the cryptocurrency market with open arms just like its incumbent president who is not shy to share his joy for it.
As more sites and platforms heavily implement the use of coins, crypto casinos like bitcoin casino online thrive even further when the industry as a whole flourishes. While everyone is still experiencing the peak of the digital market, more prominent people in the world will love the concept of crypto just like Yoon Suk-yeol.
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