South Korean presidential candidate Yoon Suk-yeol has been officially chosen as the next president of South Korea.
The election was one of the closest in South Korean history, according to BBC coverage. Yoon, who represents the conservative People’s Power Party, won over his more politically progressive opponent, Lee Jae-myung, by a margin of less than 1%.
Cryptocurrencies featured prominently in the South Korean election debate, as both candidates released campaign-related non-fungible tokens (NFTs).. His pro-cryptocurrency stances ran counter to former President Moon Jae-In’s crackdown on crypto exchanges last year, helping to cultivate favor with the younger and more crypto-enthusiastic demographic.
Speaking at a virtual asset forum in January, Yoon vowed to deregulate South Korea’s cryptocurrency industry, laying out his forward-looking stance on digital assets.
“To realize the unlimited potential of the virtual asset market, we must review regulations that are far from reality and unreasonable.”
Continuing with its plans for crypto-positive developments while awaiting your election, Yoon stated that he wanted to help create blockchain-related “unicorns,” which are startups worth a billion dollars or more in South Korea.
Yoon also promised to introduce some kind of legislation so that cryptocurrency profits made from illicit activities are returned to their victims.
In a possibly related event, South Korean blockchain native token ICON (ICX) is up 60% in the last 12 hours. It has pulled back a bit, but was still up 40% at the time of writing. Yoon minted his signature on the blockchain at a televised startup forum in December last year.
South-Korean presidential candidate Yoon Seokryul visited the ICONLOOP office today.
As the Korea Startup Forum held its heavily televized start-up policy talk, Yoon Seokryul went on to mint his signature as an NFT on @craftdotnetwork!
✍️: https://t.co/NpvDYtixVF pic.twitter.com/naBYXjPnkz
— ICON Foundation (@helloiconworld) December 2, 2021
South Korean presidential candidate Yoon Seokryul visited the ICONLOOP office today. As the Korea Startup Forum held its heavily televised startup politics talk, Yoon Seokryul went on to coin his signature as NFT on @craftdotnetwork!
Cryptocurrency regulation has been a minefield for South Korean politicians, and strict regulations have seen most South Korean cryptocurrency exchanges shut down by September 2021.. The lack of legislative clarity around the taxation of digital assets has been a continuing source of confusion for both citizens and legislative bodies.
Cryptocurrencies are gaining popularity among young South Koreans. According to local media reports, young people have left their jobs to engage in daily cryptocurrency trading. South Korea’s traditional stock market, by contrast, is dominated by four family-owned conglomerates known as chaebols, which are seen by many as corrupt and politically influential.
Before the crackdown on crypto exchanges in September of last year, trading volume on major South Korean exchanges exceeded that of the stock market.
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