Yoon Suk-yeol: "Tax Exemption on Cryptocurrency Earnings Up to 50 Million Won"

On the 19th, Digital Asset Pledge Announcement at the People Power Party Headquarters in Yeouido, Seoul

Yoon Seok-yeol, the People Power Party's presidential candidate (Photo by Yonhap News)

[Asia Economy Reporter Kum Boryeong] Yoon Seok-yeol, the presidential candidate of the People Power Party, promised 'tax exemption on coin investment profits up to 50 million KRW.'

On the 19th, Candidate Yoon announced his digital asset pledge at the People Power Party headquarters in Yeouido, Seoul.

First, Candidate Yoon plans to make virtual asset profits completely tax-exempt up to 50 million KRW. This is to apply the same capital gains basic deduction as stocks, which is currently 2.5 million KRW.

As a measure to protect investors, a 'Digital Asset Basic Act' will be enacted. Through judicial procedures, unfair profits from unfair transactions such as market manipulation, wash trading, and collusion will be fully recovered. To prepare for hacking, system errors, and other incidents, the insurance system will be expanded, and specialized financial institutions linking digital asset trading accounts with banks will be fostered to increase user choice.

A Digital Industry Promotion Agency (tentative name), which will serve as a control tower for new digital industries such as coins and non-fungible tokens (NFTs), will also be established. Through this, it plans to collaborate with related ministries such as the Financial Services Commission, Ministry of Strategy and Finance, and Ministry of Education, and communicate with the public and private sectors, industry, academia, research, and citizens.

Domestic coin issuance (ICO) will also be allowed. ICO is a method of direct participation without intermediaries. However, since adopting the ICO method in the current situation could lead to investor damage such as pyramid scams, the exchange-issued (IEO) method with safety measures will be introduced first and gradually expanded.

Along with this, there are plans to foster a new concept digital asset market by revitalizing NFT trading. Candidate Yoon said, "In preparation for the emergence of various forms of new concept digital assets, we intend to support the development of various blockchain-based technologies and proactively establish institutional foundations," adding, "We will build a legal foundation to protect digital assets and introduce a negative regulation system to remove obstacles that hinder technological development."

This content was produced with the assistance of AI translation services.