South Korea’s April 10 Election: What’s at Stake for the Crypto Universe

In March 2022, former prosecutor Yoon Suk Yeol won the South Korean Presidential election by a margin of less than 1%, or 247,077 votes. It was the closest presidential election in the nation’s history.

South Korea’s legislative elections take place every four years. In 2020, the liberal party won the election with ease. Thus, crypto, which was not as prominent as it is today, likely had a minimum impact.for either party to get a majority, making any group of voters significant. “I would think so,” said the Seoul-based Head of Legal atJin Kang when asked whether crypto could be a deciding factor in the coming election.

The opposing Democratic Party has promised to allow investors to purchase spot bitcoin exchange-traded funds , while the PPP has said it’s also looking for ways. The DPK is expected to propose a comprehensive framework too, and wants to maintain the start of crypto-taxation in 2025. But it wants to put the 22% tax on crypto asset gains exceeding 50 million Korean won instead of the currently proposed 2.5 million Korean won .

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