South Korea’s Big Crypto Push From Incoming President

South Korea is about to make big crypto moves that will definitely support the mainstream adoption of digital assets. This has been one of the most important targets that the crypto industry set and things have been going great especially considering the world problems since 2020.

According to the latest reports, the South Korean President-elect Yoon Suk-yeol will take office in May with no business experience but strong ideas on one of the most contentious subjects in finance, cryptos.

Yoon is a former top prosecutor who emerged victorious last week in the closest vote for the top office in the country’s history, and it’s important to note the fact that he has promised to allow initial coin offerings, or ICOs, as part of his broader cryptocurrency pledges.

According to Asia Nikkei, he is also a member of the conservative People Power Party, and he has also vowed not to impose taxes on crypto trading gains of up to 50 million won ($40,000), treating them the same as stock winnings.

Yoon’s proposals were welcomed by crypto advocates who expect to see crypto adoption intensifying and the one for the underlying tech, the blockchain as well.

“We definitely welcome his stance as he is confident about boosting the industry.”

This is what Yoon Seong-han, secretary-general at Korea Blockchain Association, a lobby group for cryptocurrency exchanges and other market participants said.

“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].”

The other day, we revealed that the situation worldwide involving geopolitics is getting hotter with each passing day. This is obviously affecting the markets and the crypto market is no exception.

After multiple price corrections, today, the crypto market seems to be trying to recover. More important coins are trading in the green.

It’s been just revealed that with everything that has been going on, the USD supremacy is at risk these days. Check out our previous article in order to learn more interesting details about all this.