People’s Strength Presidential Candidate Yoon Seok-yeol announced virtual asset promises such as ‘increasing the tax limit to 50 million won’ at a press conference on the 19th, ‘Preparing a safe investment environment for 7.7 million coin ant investors’.
This is actually the first time that candidate Yoon Seok-yeol has publicly disclosed his virtual asset policy.
Virtual asset investors and the community showed high interest in the evening, saying, “Finally, even candidate Yoon Seok-yeol started to mention virtual assets” from when candidate Yoon Seok-yeol announced the announcement of his virtual asset promise the evening before.
It is because Lee Jae-myung, the Democratic Party’s presidential candidate, has been leading the virtual asset policy since last year.
The promise of ‘tax-free up to 50 million won in virtual asset investment income’ means that the tax limit on virtual assets will match the tax limit on investment income in stocks.
Investments in domestic listed stocks are subject to capital gains tax on 20% of profits from next year if they earn 50 million won or more. However, from January 1 of next year, 20% income tax is levied on the amount of transfer gains exceeding 2.5 million won.
At the end of last year, the National Assembly deferred taxation for one year to 2023, but the tax limit clause was not revised.
Candidate Jae-myung Lee also announced a pledge for virtual assets this morning, and replied, “I will reveal the specific limit increase after further review (including whether to raise the limit to 50 million won like stocks), but I think the current 2.5 million won is too low.”
Candidate Seok-Yeol Yoon, in addition to raising the tax limit on virtual assets
△ Enactment of the Framework Act on Digital Assets and establishment of the Digital Industry Promotion Agency
△ Allow domestic virtual asset issuance (ICO)
△ Start with Exchange Issuance (IEO) method
△ It promised to foster a new concept digital asset market through the activation of non-fungible tokens (NFTs).
Candidate Seok-Yeol Yoon said, “I will enact the ‘Basic Act on Digital Assets’ focusing on protecting users.”
In response, he explained, “After investigating unfair trades such as incomplete sales, price manipulation, bicycling, and operations, we will recover unfair profits through judicial procedures.”
“We plan to expand the insurance system against hacking and system errors, and foster specialized financial institutions that link digital asset trading accounts with banks to expand user options and enable exchanges to partner with multiple institutions,” he said.
The promise of ‘Establishment of the Digital Industry Promotion Agency’ refers to the regulatory body for the virtual asset market and industry.
Candidate Seok-Yeol Yoon said, “It will serve as a control tower for a new concept digital industry such as coin and NFT. · We will communicate not only with academics, but also with research groups and the public.”
He also said, “We plan to maintain the ‘negative regulation and policy’ stance rather than a positive regulatory policy.” This means that regulations will be reduced as much as possible and the emphasis will be on fostering and support.
Candidate Seok-Yeol Yoon explained, “In the current situation, if the ICO method is fully adopted, there is a risk of damage to investors such as multi-level fraud. .
The exchange issuance method is a method in which investors participate in a coin project through an exchange.
Since the exchange can act as an intermediary and verify between the project and the investor, it has the advantage of reducing the damage to investors. ICO is a direct participation method without an intermediary.
Regarding ‘NFT transaction activation and new concept digital asset market development’, he said, “In preparation for the emergence of various types of new concept digital assets, we plan to support the development of various blockchain-based technologies and preemptively lay the institutional foundation.”
The press conference was attended by Won Hee-ryong, head of the Election Policy Headquarters, and Yoon Chang-hyeon, chairman of the People’s Strength Virtual Assets Special Committee.
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