[Elect Yoon Seok-yeol] “Preparing an environment for ant investors”… Cryptocurrency is changing

People’s Power candidate Yoon Seok-yeol, who pointed out the current government’s passive policy towards cryptocurrency and emphasized that ‘we will create an investment environment for ant investors’, was elected as the 20th president on the 10th. With the inauguration of the new government, changes are expected in cryptocurrency transaction policies such as taxation.

President-elect Yoon has proposed ‘preparing a safe investment environment for cryptocurrency investors’ as part of his pledge to ‘finance advancement’. He pledged to create a taxation system that investors can understand through the pledge book.

In the pledge book, President-elect Yoon said, “The current cryptocurrency trading market has grown rapidly, but in the meantime, the negative view of (the current government) incorporation into the institutional system and the passive policy response centered on market management have made it difficult for the promotion of related industries (cryptocurrency investment industry) and protection of investors. It was insufficient.”

He pointed out, “(The current government) has only triggered a backlash from investors by imposing taxes without enacting laws with proper investor protection mechanisms,” he said. do,” he said.

The promises made by President-elect Yoon are four: Δ Completely tax-free up to 50 million won in cryptocurrency investment income Δ Enactment of the Digital Asset Basic Act Δ Allowing domestic cryptocurrency offerings (ICO) Δ New concept cryptocurrency market through the activation of non-fungible tokens (NFT) upbringing, etc.

If we look at the promise in detail, President-elect Yoon is expected to increase the basic non-taxation limit on cryptocurrency investment income from the current 2.5 million won to 50 million won, the same as for stocks. At the announcement of his pledges related to cryptocurrencies in January, President-elect Yoon declared, “We will raise the basic deduction for transfer gains, which is currently 2.5 million won, to the same level as stocks, and maintain the principle of pre-maintenance and post-taxation.”

The enactment of the ‘Basic Act on Digital Assets’, which aims to protect cryptocurrency investors, is also being pursued. According to the Basic Law, profits from illegal trading of cryptocurrencies will be fully recovered through judicial procedures, and the insurance system will be expanded in case of hacking and system errors in exchanges. Fostering specialized financial institutions that link cryptocurrency trading accounts and banks is also one of the main contents of the enactment of the Basic Act.

Domestic ICOs, a long-awaited project of local cryptocurrency developers, are also permitted. The current government is disallowing domestic ICOs on the grounds that ‘investment risk is high’. In response, native cryptocurrency developers have established corporations in Malta and Singapore and are continuing their business. The industry has complained of difficulties, saying that this process is leaking development manpower and national wealth.

President-elect Yoon plans to adopt the cryptocurrency exchange opening (IEO) method, in which a cryptocurrency exchange connects developers and investors as an intermediary before introducing ICO in earnest. IEO is a method for investors to participate (invest) in a coin project through an exchange.

President-elect Yoon said at the announcement of the cryptocurrency-related pledges in January, “The exchange acts as an intermediary and acts as a validator and intermediary between projects and investors, so there is less risk than ICOs.”

In addition, support for technology development and system reorganization for NFT revitalization and the establishment of the ‘Digital Industry Promotion Agency’ (tentative name) are also predicted. The Digital Industry Promotion Agency will serve as a control tower for new concept digital industries such as cryptocurrency and NFT.

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