South Korea continues to implement its crypto plan
South Korea’s recently elected president from the Conservative party Yoon Suk-yeol follows through on his campaign goals, in particular, in the matter of integrating cryptocurrencies into the country.
Throughout his campaign, the new leader promised the functioning of ICOs and the absence of taxation for those who annually earn less than $40,000 from crypto assets. Even the digital asset exchange group Korea Blockchain Association sees Yoon’s determination to have a positive effect on Korea’s cryptocurrency market. In fact, the new crypto legislation is already in the works and is set to be finalized in 2023 with later being introduced in 2024. The president’s administration intends to merge cryptocurrencies with South Korea’s financial system, making it a new institutional asset whilst creating reliable crypto services. Apart from being established on the grounds of international regulatory standards, the bill will also be conducted in collaboration with such institutions as the Bank of International Settlements and the Financial Stability Board. Furthermore, the Bank of Korea’s intention of launching a CBDC was also backed up by the government. The Korean digital won is set to be released in 2023. Koreans are enthusiastic about crypto and according to research conducted by South Korea’s most prominent crypto exchanges, digital asset owners invested more than $ 5 billion into Bitcoin, $4.8 billion into Ripple, and $4.5 billion into Ether. It was also stated that over 15.2 million people in the country hold crypto accounts of which 5.6 million actively trade.