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Last updated:
April 10, 2024 02:17 EDT
| 2 min read
South Korea’s elections take place today and the outcome of who comes out tops will play a crucial role in influencing the regulatory environment for the crypto industry.
The two main political parties in South Korea are the Democratic Party of Korea (DPK) and the People Power Party (PPP) – since December 2022, the Democratic Party has been the largest in South Korea with around 4.85 million party members. Back then crypto was also high on the agenda for presidential candidates in the 2022 South Korean election.
Today South Koreans will be voting for a new parliament, in the midterm referendum on President Yoon Suk Yeol’s administration.
Both political parties have varying stances on crypto regulation, affecting its adoption, taxation, and legality. The election outcome will have an impact on investor sentiment and market dynamics, including the crypto market. Supporting policies can attract more investment into cryptocurrencies, while uncertainty or unfavourable policies may lead to market volatility.
South Korea a Significant Player in Crypto Space
South Korea is a significant player in the global crypto market. Changes in its regulatory framework or market dynamics can have ripple effects on the broader crypto ecosystem, influencing trends and perceptions internationally.
South Korean elections serve as a crucial factor in shaping the regulatory landscape, market sentiment, and innovation within the crypto industry. Here is a rundown of where the two main political parties in South Korea stand in terms of crypto regulation courtesy of CryptoQuant.
Ruling Party in South Korea – PPP
The ruling party has shown a willingness to postpone the implementation of digital asset taxation. They have been open to discussions and considerations regarding the timing and details of implementing taxation on digital assets. The party plans to create administrative for digital assets and standardize listing criteria for all centralized exchanges to protect investors. The party will permit the token launches for those that have the investor protection mechanics.
Digital Asset Investor Protection Law Phase 2
This refers to legislative efforts aimed at regulating and protecting investors in the digital asset market in South Korea. The initiative is part of broader efforts by the South Korean government to establish a legal framework for cryptocurrencies and related activities. The PPP will push forward Phase 2 of the Digital Asset Investor Protection Law which may involve various measures such as strengthening regulations to prevent fraud and illegal activities in the digital asset market.
Opposition Party in South Korea – DPK
The Democratic Party has shown a willingness to lift curbs on investing in the U.S. Spot Bitcoin ETFs for digital assets and add digital asset ETFs on ISA for taxation benefits. The opposition party has vowed to increase the digital asset taxation from $1.85K to $37K for the non-taxed range.
Other proposals by the opposition include combining the profit and loss for five years standard for taxation. The party will initiate a business law for digital asset businesses to operate and build a monitoring system to combine all order books for Centralized Exchanges (CEX) operating in South Korea.
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