Yoon Suk-Yeol intends to increase the existing cryptocurrency tax threshold from $2,000 to over $40,000. Moon Jae-in, the Korea’s current president, squandered an opportunity to move the country ahead with a more favourable crypto policy.
There’s a chance the new administration may limit who can invest in ICOs, IEOs, and STOs to individuals with a specific level of income.
The Presidential Transition Committee of new South Korean President Yoon Soo-Yoon is “seeking to award more cash-to-crypto licences to crypto trading platforms in an effort to undermine the oligopoly of local crypto exchanges.
” Upbit’s operator, Dunamu, reported a net income of 2.2 trillion won (about $1.8 billion) last year, up 46 times year on year.
According to the Korea Herald, the news “struck bystanders as it drew close Woori Financial Group, a major financial group here.” Binance has withdrawn its bid to register in Singapore, opting instead to open an office in the United Arab Emirates.