South Korea’s ruling and opposing parties are promising citizens that they will legislate new commitments that boost the local crypto economy.
South Korea’s ruling and opposing political parties are promising citizens that they will legislate new commitments that boost the local cryptocurrency economy, in a bid to capture votes in Wednesday’s general election.
The country’s Democratic Party, the opposition party, is pledging to enable local financial institutions to launch spot crypto exchange-traded funds and allow retail investors to purchase those ETFs through accounts with tax exemptions. It also intends to expand tax benefits given to crypto investors, including raising the tax-deductible threshold from the current 2.5 million won to 50 million won.
The ruling conservative party’s crypto campaign further vows investors to push back taxation on crypto investments, which is currently scheduled to start in January 2025. “The easiest way forward is to revise the Venture Investment Promotion Act, which currently prohibits the country from designating blockchain development firms as venture businesses,” said Kim, adding that this will help alleviate the public’s view of blockchain and crypto as a mere hotbed of illegal speculation.
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