South Korea recently elected pro-crypto President Yoon Suk-yeol. As part of his initiative to make South Korea the hub of crypto, President-elect Suk-yeol is reportedly looking to regulate security token offerings (STOs) and initial exchange offerings (IEOs).
The President-Elect Promises to Overhaul Unrealistic Crypto Regulations
During his campaign, President Yoon Suk-yeol promised to institutionalize and advance the local cryptocurrency industry in South Korea. It is worth noting that more than 10% of the population of South Korea holds crypto. Thus, pro-crypto proposals were very popular during the campaigns. Suk-yeol’s rival of the Democratic Party, Lee Jae-Myung, also made crypto-friendly promises to attract votes.
Interestingly, South Korea’s President-elect Yoon Suk-yeol said he would deregulate the crypto industry. Media outlets quoted him saying, “to realize the unlimited potential of the virtual asset market, we must overhaul regulations that are far from reality and unreasonable.”
The reversal of the 2017 ICO ban and greenlighting CEOs were on his manifesto. Crypto-friendly president-elect Yoon also proposed raising the tax threshold for cryptocurrency investments from 2.5 million won to 50 million.
President-Elect Suk-yeol starts with STOs and CEOs for Expanding
Suk-yeol’s initial point of action is at the security token and initial exchange offerings. The South Korean president-elect is working with the Financial Services Commission, proposing amending the Capital Markets Act. The amendment will see the inclusion of the STOs and that the virtual markets products are offered on the traditional markets.
Another ease of operation the crypto industry is about to see with this new office is more cash-to-crypto licenses issued to crypto trading platforms. President Suk-yeol’s committee said this would help dilute the oligopoly currently present in the local crypto exchanges, consisting of only four cash-to-crypto exchanges. The exchanges are Upbit, Bithumb, Coinone, and Korbit.
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