[Coin Promise] Lee Jae-myung, Yoon Seok-yeol, Ahn Cheol-soo who advocated pro-cryptocurrency policies… Shim Sang-jung “Strengthening Regulations”

With less than a month left until the 20th Presidential Election Day (March 9), attention is focused on the pledges of the candidates for cryptocurrency (virtual assets) to target the ‘2030 generation’, which has emerged as a casting boat for the presidential election.

While the financial authorities have announced that the taxation of cryptocurrencies will be implemented in January 2023, the promises of candidates to win the votes of MZ-generation investors are also different. Democratic Party candidate Lee Jae-myung, People’s Strength candidate Yoon Seok-yeol, and People’s Party candidate Ahn Cheol-soo announced pro-cryptocurrency policies, while Justice Party presidential candidate Shim Sang-jung foretold anti-cryptocurrency policies.

◇Lee ” Tax-free up to 50 million won in cryptocurrency profits … Losses carried forward for 5 years”

Democratic Party candidate Lee Jae-myung, as a member of the ruling party, apologized for the government’s past actions that have dismissed cryptocurrency as a ‘fraud’ at a meeting with representatives of domestic cryptocurrency exchanges in January.

Candidate Lee at the time said, “I think there was a problem with the delay in the development of the cryptocurrency market by fundamentally stopping and denying the issuance of cryptocurrencies (ICOs) as if there were none.” I apologize.” He bowed his head.

Candidate Lee’s pledges related to cryptocurrency largely consisted of Δpromoting the legalization of cryptocurrency, Δallowing domestic ICOs, Δreviewing cryptocurrency taxation measures (expanding the deduction limit for cryptocurrency investment income, applying loss carryover deduction, etc.).

Specifically, candidate Lee announced that he would increase the basic non-taxable limit on cryptocurrency investment income from the current 2.5 million won to 50 million won. It is a will to match the taxation standards of cryptocurrencies to the stock market.

Candidate Lee has announced a tax-free pledge and has mentioned that investment losses will be carried forward and deducted for five years. He also maintains a favorable position on money-making games (P2E) and non-fungible tokens (NFTs).

◇尹 “ Tax-free up to 50 million won in cryptocurrency profits… Allow IEO and ICO”

People’s Power candidate Yoon Seok-yeol has also made a promise to allow ICOs banned in Korea and raise the basic deduction for gains from cryptocurrency transactions to the level of stocks.

Candidate Yoon announced the ‘Cryptocurrency Investor Protection Commitment’ at the central party in Yeouido in January and said, “I will introduce the cryptocurrency exchange opening (IEO) first and then allow ICOs sequentially.”

IEO is a method for investors to participate (invest) in a coin project through an exchange. Candidate Yoon evaluated, “The exchange acts as an intermediary and acts as a verifier and intermediary between projects and investors, so it is less risky than ICOs.”

Opinions on cryptocurrency taxation are also consistent with this candidate. Candidate Yoon has announced that he will increase the basic tax-free limit on cryptocurrency investment income from the current 2.5 million won to 50 million won, the same as stocks. At the announcement of his pledge in January, Candidate Yoon declared, “We will raise the basic deduction for transfer gains, which currently stands at 2.5 million won, to the same level as that of stocks, and maintain the principle of pre-regulation and post-taxation.”

In addition, the enactment of the ‘Basic Act on Digital Assets’ focusing on investors and the promotion of the establishment of the ‘Digital Industry Promotion Agency’ (tentative name) are also one of Yoon’s major cryptocurrency promises. The Digital Industry Promotion Agency will serve as a control tower for new concept digital industries such as coins and NFTs.

◇An “Technology-based industry approach”…沈 “Cryptocurrency is speculation”

Ahn Cheol-soo, a candidate for the People’s Party, is a former programmer who founded the security company ‘Ahn Lab’, and has consistently pointed out that the current government is implementing blockchain and cryptocurrency policies without technical understanding.

Candidate Ahn criticized the current government’s blockchain and cryptocurrency policies at a meeting to seek institutionalization of cryptocurrency held at the National Assembly in June of last year as ‘pathetic’. “The government should have some degree of managerial oversight, and put in place measures to protect investors,” he stressed all the time.

According to the industry, Candidate Ahn is contemplating a policy focused on ‘investor protection’, such as Δ regulations on authorization of virtual asset traders, Δ disclosure obligations of virtual asset traders, and Δ prohibition of arbitrary deposits and withdrawals by virtual asset traders.

On the other hand, Justice Party candidate Shim Sang-jung predicted the implementation of an anti-cryptocurrency policy different from other candidates. He pointed out that “cryptocurrency is an ultra-high-risk investment with a speculative character,” and raised his voice, saying, “We will introduce strict institutionalization to minimize investor losses.”

Candidate Shim said, “The cryptocurrency market can never replace a broken labor market and poor social welfare. It can lead to serious consequences, so you have to be extremely careful.”

As a pledge related to cryptocurrency, Candidate Shim suggested Δ strict institutionalization of the cryptocurrency market, Δ strengthened regulations targeting cryptocurrency business operators, Δ operation of a cryptocurrency-related business license, Δ maintenance of 2.5 million won deductible for cryptocurrency investment income.

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