Scandal-ridden and vocally advocating for the abolition of the Ministry of Gender Equality, is the newly elected President Yoon Suk-yeol the savior of the South Korean crypto industry?

Yoon Suk-yeol, the presidential candidate of South Korea's largest opposition party, the People Power Party, won by a margin of less than 1%. Both candidates in this election were highly controversial, but for the cryptocurrency field, whether Yoon Suk-yeol can fulfill his promise to relax cryptocurrency regulations before the election may be the key.

The Dirtiest and Most Detestable Election

The term "dirtiest election" refers to the two leading candidates, Lee Jae-myung and Yoon Suk-yeol, who have been embroiled in a plethora of scandals involving their families before the election. The accusations have piled up to the point where the losing candidate may face consequences such as being arrested.

On the other hand, the "most detestable election" implies that neither of the two potential presidents is likable, leaving voters to choose the lesser of two evils. Particularly, Yoon Suk-yeol, in an attempt to attract male voters, has vowed to abolish the Ministry of Gender Equality and Family to garner more support.

Relaxing Cryptocurrency Regulations

Under the leadership of current President Moon Jae-in, South Korea has implemented some unpopular regulations concerning cryptocurrencies, including:

• Cryptocurrency taxation
• Over 60 exchanges affected to comply with anti-money laundering regulations
• Blocking non-custodial and unverified wallets

Earlier reports indicated that major South Korean exchanges like Bithumb and Coinone announced restrictions on users withdrawing to unverified wallets like MetaMask, a policy that drew strong criticism similar to the backlash seen in the U.S. infrastructure bill last year.

However, in January of this year, Yoon Suk-yeol stated at a cryptocurrency conference that he plans to completely abolish outdated and unreasonable regulations to unlock the boundless potential of the digital asset market.

Regarding the cryptocurrency capital gains tax set to take effect in 2023, which taxes profits over approximately $2,024 at 20%, Yoon Suk-yeol has promised to raise the threshold to around $42,450.

He also emphasized taking legal action to confiscate cryptocurrency profits obtained through fraudulent means and return them to the defrauded investors.