Skip to main content

South Korea promises tax-free cryptos and ICO legalization

 


South Korea's newly elected President Yoon Suk-yeol will become president in May. He is a strong supporter of crypto and reviews the ban on ICOs. He also owns his own NFTs. Among other things, he promised a tax cut on crypto and the approval of Initial Coin Offerings (ICOs), where investors can buy the first coins of a project, reports Nikkei Asia. Will South Korea be the new bitcoin paradise?


As a member of the conservative People Power Party, in addition to approving ICOs, Yoon also pledged not to tax profits from cryptocurrency trading. This would apply up to an amount of 50 million won (£38,337). This way, crypto gains are calculated in the same way as stock gains.


Bitcoin tax in South Korea

South Korea's new president is particularly popular with crypto owners because of certain campaign promises. For example, he promises to raise the limit of tax-free crypto assets from $2,000 to $40,000. A nice bonus for many South Korean owners of Bitcoin or other cryptocurrencies. This promise would make South Korea the largest crypto tax haven in the world.


In addition, South Korea's new president is exploring ways to reverse the ban on Initial Coin Offerings (ICOs). A step that caused a lot of division in the country. Due to the many scams, ICOs were banned in South Korea in 2017. An ICO is a form of crowdfunding to raise capital with cryptocurrencies. They buy digital tokens in the hope that the project will be successful and its demand and value will increase in the future. Very risky as the project will not start until the funding goal is met.


Ban on ICOs

With the current ICO ban and tax-free profits changing to $36,650, crypto investors have plenty to get excited about. South Korean crypto startups no longer need to move to countries like Singapore if they want to organize an ICO.


“With ICOs now banned, we have no choice but to issue coins in Singapore and other countries. Ventures and startups will be able to easily raise funds from investors when the ban is lifted,” said the secretary-general of the Korea Blockchain Association.


Coins surged following the loss of the current President

Suk-yeol, 61, campaigned strategically and targeted young voters during the election. He's big on non-fungible tokens and even launched his own collection of NFTs during his campaign. Victory was a historic neck-and-neck race. Suk-yeol defeated his Democratic rival by a minimal margin.


South Korean currencies surged after President's gains. The current president, Moon Jae-In, took a hard line against crypto exchanges. South Koreans were no longer allowed to accept them as customers from September 2021. In addition, there was practically no clarity about the crypto tax. That will now change if we are to believe Yoon's promises.


The support of the Democratic Party is crucial

However, these plans can still be interrupted. That's because, according to news outlet Nikkei Asai, multiple parties need to agree:


“Yoon can implement some of its cryptocurrency policies, but its 'no taxes' pledge requires the National Assembly to review a tax bill. Lawmakers must also pass a bill to create an agency to regulate digital assets.”


The news platform says that this requires the cooperation of the current president’s Democratic Party, who was therefore not that big of a crypto fan. This party has a majority of 300 seats in the legislature.


Are promises kept?

Crypto news was boosted by Yoon's gains. But whether his promises will come true depends on several factors. The enthusiasm was reflected in crypto prices, including South Korea's ICON (ICX), which surged 60% in the hours following the election. However, this could go the other way if third parties thwart Yoon's plans. Starting in May, when Yoon joins, we will learn more about this crypto president's promises.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...
Post a Comment
Read more

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

  Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price.  At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...
Post a Comment
Read more