Pro-crypto Candidate Wins South Korean Election

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  • South Korea has elected pro-crypto candidate Yoon Suk-yeol as its next president
  • Yoon has promised to deregulated the crypto space and help blockchain companies grow
  • His approach is in stark contrast to that of the outgoing president, Moon Jae-in

The pro-cryptocurrency South Korean presidential candidate Yoon Suk-yeol has been elected to lead the country after a narrow victory. Yoon, a Conservative former prosecutor, has appealed to younger voters by promising to raise capital gains tax thresholds by almost 2,000% and deregulate the South Korean cryptocurrency industry. Yoon’s adversary, Democrat Lee Jae-myung, had also appeared to be in favor of broadening the cryptocurrency sector in the country, with both candidates releasing NFTs to voters during the campaign.

Yoon Brings Promise to South Korean Crypto Sector

South Korea is a famously tech-loving country, so it’s no surprise that cryptocurrencies have taken off there, and in many ways it would have been a mistake to denigrate or ignore the crypto sector during the presidential campaigns. On the campaign trail, Yoon promised to “realize the unlimited potential of the virtual asset market” and “overhaul regulations that are far from reality and unreasonable.”

Yoon also stated his desire to help foster “unicorns,” startups that grow to be worth $1 billion or more, based on blockchain technology, while also promising to introduce legislation that would see crypto profits gained from illicit activity returned to victims.

South Koreans Over the Moon

Yoon’s stance, and indeed that of Lee, is in stark contrast to that of outgoing president Moon Jae-in, who oversaw banks temporarily banned from handling crypto proceeds, a prospective 20% tax on crypto gains, a proposed ban on privacy coins, and exchanges operating in the country forced to register.