South Korean Political Parties Present Policy Promises as Crypto Investors Emerge Key Voting Group
With only three weeks remaining until the general election, South Korea’s rival political parties are vying for support from crypto investors, who have emerged as a key voting group.
According to local media outlet JoongAng Daily , the parties recognize the significance of addressing cryptocurrency-related policies amid the surging popularity of this nascent industry. Notably, South Korea is also seeing a rise in numbers from crypto investor voting groups.
Bitcoin’s price surge has captured public attention, with the cryptocurrency trading at 92.1 million won ($68,654) on Upbit, the country’s largest cryptocurrency exchange.
Although the price has dipped from its recent peak of 105 million won, it still represents a substantial increase of over 60% compared to the beginning of the year.
Both the conservative People Power Party (PPP), aligned with the Yoon Suk Yeol administration, and the rival Democratic Party (DP) have presented their policy proposals to institutionalize crypto-assets, albeit with differing approaches.
The PPP, in its policy pledges issued on Monday, vowed to extend the tax deferral on crypto-assets, which is set to expire in January 2022.
Originally, a 20% taxation rate on investment gains exceeding 2.5 million won was planned for implementation in January 2022 but has been delayed twice.
The PPP also plans to introduce additional legislation to enhance investor protection and establish a committee dedicated to monitoring the industry and safeguarding investors.
They also aim to establish standard rules for regulatory filings by crypto exchanges.
On the other hand, the liberal DP proposes a more progressive stance on cryptocurrencies.
In February, they announced their plan to approve
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