South Korean Presidential election, member of the conservative party Yoon Suk-yeol won. The new leader of the country, pro crypto also attracted attention. So much so that one of Yoon Suk-yeol’s promises to his voters is to host a drama in South Korea. crypto friendly policy was to implement.
Yoon, who won the election in March, to pay capital gains tax on profits from digital asset investments. increase the minimum lower limitmade a promise. However, this situation faces an obstacle.
Why are we losing money in the crypto market?
In addition to the fear of “missing the opportunity”, various posts on social media can cause great losses in the crypto money industry.
Crypto market rises to 55.2 trillion won in South Korea
Provide MPs with information and analysis on legislative and policy issues South Korea’s National Assembly Research Service (NARS)treats crypto as a virtual asset. According to an announcement made last week, the tax limit for income from virtual assets 2.5 million won or with a tax rate of 20 percent $1,946 it must be.
This tax rate, proposed by NARS, is set at a similar level to financial investment income. However, this limit is lower than Yoon’s target. This puts forward the allegations that the head of state will give up on his decision. At the same time, the head of state, banned in 2017 confirm initial coin offers He also promised.
South Korea is among the most active countries in the world in the crypto space. According to a study, the crypto market will end by the end of 2021. 55.2 trillion won ($45.9 billion) rose. The number of users is approx. to 5 million or about 10 percent of the country’s population reached.
The crypto world in the country is getting more and more active. However, it is also separated due to various restrictions. Five major exchanges dominate the area: Upbit, bithumb, coinone, chorbite and Gopax. Smaller players and foreigners, on the other hand, have difficulty meeting the government’s requirement to partner with local commercial banks.
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