Photo courtesy of Yonhap News
People’s Power Presidential Candidate Seok-Yeol Yoon announced a virtual asset-related policy promise, stating that he would not be taxed on profits of 50 million won or less on investment in virtual assets, such as coins.
Candidate Yoon announced today that the company in Yeouido will raise the tax base on coin profits from the current 2.5 million won to 50 million won, and raise the basic deduction for transfer gains, which is also 2.5 million won, the same as stocks.
Candidate Yoon also enacted the ‘Basic Act on Digital Assets’ focusing on user protection, and announced that he would recover all profits from unfair trades through incomplete sales, price manipulation, and operations through judicial procedures.
In addition, he said that if the coin issuance was adopted entirely, damage to investors such as multi-level fraud could occur, and he said that he would introduce the issuance method of the exchange, which has safeguards in place.
Candidate Yoon promised to establish the Digital Industry Promotion Agency, which will serve as a control tower for a new concept digital industry such as coins and non-fungible tokens (NFT), and to foster a new concept digital asset market.
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