{"id":485669,"date":"2022-03-10T14:31:16","date_gmt":"2022-03-10T14:31:16","guid":{"rendered":"https:\/\/wncen.com\/?p=485669"},"modified":"2024-06-11T14:18:13","modified_gmt":"2024-06-11T14:18:13","slug":"south-korea-has-a-new-president","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/south-korea-has-a-new-president\/","title":{"rendered":"South Korea Has A New President – And He Likes Crypto"},"content":{"rendered":"

Yoon Suk-Yeol, a conservative presidential contender, has officially been elected as the new president of South Korea.<\/p>\n

According to news reports, Yoon of the People Power Party defeated his politically progressive opponent, Lee Jae-Myung, by less than 1%.<\/p>\n

In South Korea, cryptocurrency<\/a> dominated the election discourse, with both candidates launching NFTs connected to their campaigns.<\/p>\n

They have acquired popularity among the younger, more crypto-enthusiastic public because of their pro-crypto viewpoints, which contrast with former president Moon Jae-ban In’s stance on bitcoin exchanges.<\/p>\n

Bitcoin-Friendly President Of South Korea<\/b><\/h2>\n

Throughout his campaign, Yoon promised to de-regulate the bitcoin market. In January, he declared at a crypto conference that rules “far from reality and absurd” must be revised to “realize the infinite potential of the virtual asset market.”<\/p>\n

Yoon has declared a goal to recruit and build cryptocurrency “unicorns,” or startup companies worth $1 billion or more. He also committed to increasing the planned capital gains tax level before it goes into force.<\/p>\n

In addition, he suggested that he might revisit a 2017 ban on initial coin offerings (ICOs) and revive the controversial fundraising mechanism.<\/p>\n

Related Article | Leading News Outlets In Ukraine Aim To Secure $1 Million By Selling NFTs<\/a><\/em><\/strong><\/p>\n

A corporate entity may utilize ICOs to raise funding by minting and selling cryptocurrencies; however, ICOs are plagued with fraud, with coin issuers disappearing after the transaction is completed, causing a detrimental effect on the blockchain and cryptocurrency in general.<\/p>\n

During their annual shareholder meetings, several of South Korea’s major entertainment and gaming firms showed interest in cryptocurrencies, pledging to build non-fungible tokens (NFT) or play-to-earn games.<\/p>\n

Proposed Crypto-Market Taxation<\/strong><\/h2>\n

Cryptocurrencies and exchanges are not yet recognized as “legal currency and exchanges” in South Korea since they are not subject to a solid regulatory framework.<\/p>\n

Because bitcoin is neither cash nor a financial asset in South Korea, cryptocurrency transactions are now tax-free.<\/p>\n

As per the Ministry of Strategy and Finance, the South Korean\u00a0government is contemplating levying a tax on cryptocurrency transactions and intends to implement a taxation framework in 2022.<\/p>\n

SoKor’s $46 Billion Crypto Market<\/strong><\/h3>\n

In its latest\u00a0estimate of the nearly $46 billion bitcoin market in South Korea, the Financial Intelligence Unit has presented its findings.<\/p>\n

KRW-to-crypto market accounted for barely 27% of the global market, although the global market average is almost 60%.<\/p>\n

Cryptocurrency trades in South Korea are worth an average of $9.4 billion per day.<\/p>\n

Local crypto investors in their 30s, 40s and 20s make up 31% of the population, according to a recent survey.<\/p>\n

No. 16 In The World<\/h3>\n

South Korea ranks 16th in global cryptocurrency adoption, with nearly 2 million individuals, or 3.8% of its total population of 55.7 million, owning some crypto-asset.<\/p>\n

Meanwhile, Yoon has committed to increase the capital gains tax threshold on Bitcoin and other cryptocurrencies from $2,000 to $40,000, establishing one of the most generous tax-free allowances in the world.<\/p>\n

Related Article | Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts<\/a><\/em><\/strong><\/p>\n

Featured image from TheBitTimes.com, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Yoon Suk-Yeol, a conservative presidential contender, has officially been elected as the new president of South Korea. According to news reports, Yoon of the People Power Party defeated his politically progressive opponent, Lee Jae-Myung, by less than 1%. In South Korea, cryptocurrency dominated the election discourse, with both candidates launching NFTs connected to their campaigns. They have acquired popularity among the younger, more crypto-enthusiastic public because of their pro-crypto viewpoints, which contrast with former president Moon Jae-ban In’s stance on bitcoin exchanges. Bitcoin-Friendly President Of South Korea Throughout his campaign, Yoon promised to de-regulate the bitcoin market. In January, he declared at a crypto conference that rules “far from reality and absurd” must be revised to “realize the infinite potential of the virtual asset market.” Yoon has declared a goal to recruit and build cryptocurrency “unicorns,” or startup companies worth $1 billion or more. He also committed to increasing the planned capital gains tax level before it goes into force. In addition, he suggested that he might revisit a 2017 ban on initial coin offerings (ICOs) and revive the controversial fundraising mechanism. Related Article | Leading News Outlets In Ukraine Aim To Secure $1 Million By Selling NFTs A corporate entity may utilize ICOs to raise funding by minting and selling cryptocurrencies; however, ICOs are plagued with fraud, with coin issuers disappearing after the transaction is completed, causing a detrimental effect on the blockchain and cryptocurrency in general. During their annual shareholder meetings, several of South Korea’s major entertainment and gaming firms showed interest in cryptocurrencies, pledging to build non-fungible tokens (NFT) or play-to-earn games. Proposed Crypto-Market Taxation Cryptocurrencies and exchanges are not yet recognized as “legal currency and exchanges” in South Korea since they are not subject to a solid regulatory framework. Because bitcoin is neither cash nor a financial asset in South Korea, cryptocurrency transactions are now tax-free. As per the Ministry of Strategy and Finance, the South Korean\u00a0government is contemplating levying a tax on cryptocurrency transactions and intends to implement a taxation framework in 2022. SoKor’s $46 Billion Crypto Market In its latest\u00a0estimate of the nearly $46 billion bitcoin market in South Korea, the Financial Intelligence Unit has presented its findings. KRW-to-crypto market accounted for barely 27% of the global market, although the global market average is almost 60%. Cryptocurrency trades in South Korea are worth an average of $9.4 billion per day. Local crypto investors in their 30s, 40s and 20s make up 31% of the population, according to a recent survey. No. 16 In The World South Korea ranks 16th in global cryptocurrency adoption, with nearly 2 million individuals, or 3.8% of its total population of 55.7 million, owning some crypto-asset. Meanwhile, Yoon has committed to increase the capital gains tax threshold on Bitcoin and other cryptocurrencies from $2,000 to $40,000, establishing one of the most generous tax-free allowances in the world. Related Article | Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts Featured image from TheBitTimes.com, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":485673,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,85660,85661],"class_list":["post-485669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-south-korea-election","tag-south-korea-president"],"acf":[],"yoast_head":"\nSouth Korea Has A New President - And He Likes Crypto<\/title>\n<meta name=\"description\" content=\"Yoon Suk-Yeol, a conservative presidential contender, has officially been elected as the new president of South Korea. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"South Korea Has A New President – And He Likes Crypto","url":"http:\/\/wncen.com\/news\/south-korea-has-a-new-president\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/south-korea-has-a-new-president\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/South-Korea.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/South-Korea.jpg?fit=1113%2C743"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","crypto","south korea election","south korea president"],"dateCreated":"2022-03-10T14:31:16Z","datePublished":"2022-03-10T14:31:16Z","dateModified":"2024-06-11T14:18:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"South Korea Has A New President – And He Likes Crypto\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/south-korea-has-a-new-president\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/south-korea-has-a-new-president\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/South-Korea.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/South-Korea.jpg?fit=1113%2C743\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"crypto\",\"south korea election\",\"south korea president\"],\"dateCreated\":\"2022-03-10T14:31:16Z\",\"datePublished\":\"2022-03-10T14:31:16Z\",\"dateModified\":\"2024-06-11T14:18:13Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/South-Korea.jpg?fit=1113%2C743","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/485669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=485669"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/485669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/485673"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=485669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=485669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=485669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}