Opposition candidate for president of South Korea pledges tax exemptions for crypto investors.
Main Opposition Candidate for President of South Korea Pledges Support for Crypto Tax Exemptions
The leading presidential candidate of the opposition in South Korea has promised voters to ease the tax burden on crypto-related profits through exemptions. In a recent statement, Yoon Suk-yeol indicated that crypto investors will be treated like those who put money into stocks.
The opposition candidate made the pledge at the party headquarters on Wednesday, noting that his administration would increase the bottom limit to the level that applies to stock investments now. Thus, Koreans who purchase cryptocurrency can expect more substantial tax exemptions if he is elected. Yoon unveiled that he will also put forward a digital asset law tailored to increase investor protection, the Yonhap news agency added. At the same time, under the new legislation, the government in Seoul will be able to seize profits obtained through market manipulation.
Part of his plans for Korea’s growing crypto space is also the establishment of a new government agency to take on the oversight over new areas of the digital industry such as cryptocurrency and non-fungible tokens (
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