- Cryptocurrency-friendly president nominee Yoon Suk-yeol, has conquered the presidential election in South Korea, with a token utilized to mint his sign as Non-Fungible Token spiking 60%.
- Talking at a digital asset forum back in January, Yoon pledged to deregulate South Korean cryptocurrency sector in future.
- Yoon also pledged to initiate some legislation that would result in cryptocurrency profits gained from illegitimate acts returns to its victims.
New Crypto-Friendly President
South Korean presidential nominee, Yoon Suk-yeol is officially chosen as the country’s new president.
This election was among the closest in the South Korean election legacy, as per coverage by a prominent news organization. Yoon, denoting for conservative People Power Party, conquered his robust presidential opponent, Lee Jae-Myung, by an edge of under 1%.
Digital assets played a top part in the South Korean election debate, with both nominees launching campaign-associated NFTs. Their cryptocurrency-sympathetic stances were opposing to previous President Moon Jae-In’s clampdown on cryptocurrency exchanges the previous year, assisting to cultivate favor with more crypto-enthusiastic as well as younger demographic.
Talking during a digital asset forum back in January, Yoon pledged to deregulate the South Korean cryptocurrency sector, setting up his forward-thinking slant in virtual assets.
He said that, For realizing the limitless potential of the digital asset market, regulations should be overhauled, which are far from unreasonable and actuality.
Continuing his strategies for cryptocurrency-positive developments prior to the election, Yoon said that he desires to assist in creating blockchain tech-associated “unicorns,” that are startups that evolve to be worth $1 Billion or more in the nation.
Yoon also pledges to initiate some legislation that would be profitable to the cryptocurrency sector and help in getting rid of illegitimate conduct returning back to its victims.
In a probably associated development, ICX, an indigenous token of South Korean blockchain, Icon, jumped up by 60% amid the news, but as crowned currency Bitcoin plunged, the influence was seen on all the altcoins, including on ICX, which was trading at $0.8934 bullish by 33.06% in past 24 hours.
Yoon splendidly minted his sign on blockchain at a televised startup previously in December.
South Korea Hasn’t Remained Kind For Crypto
Regulations concerning cryptocurrency are a goldmine for politicians in South Korea, with robust rulings witnessing a plethora of South Korea’s cryptocurrency exchanges’ shutter going down back in September 2021.
Insufficiency in legislative transparency revolving around the taxation of virtual assets has remained a constant source of confusion for residents as well as legislative entities alike.
The cryptocurrency sector is gaining traction at a fast pace, especially among young South Koreans. As per a report from domestic news outlets, the majority of young folks have left their jobs to pursue a career in crypto-trading.
South Korea’s conventional share market, by comparison, is overshadowed by 4 family-owned conglomerates called chaebols, which the folks think are corrupted and have a political influence.
Before the core clampdown on cryptocurrency exchanges back in September previous year, trade volumes on South Korean exchanges were surpassing those of share markets.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.