Yoon Suk-yeol, a conservative South Korean candidate for president, has been chosen as the country’s next president.
According to BBC coverage, the election was one of the tightest in South Korean history, with Yoon, supporting the conservative People Power Party, winning by less than 1% over his more politically progressive rival, Lee Jae-myung.
The election discourse in South Korea was dominated by cryptocurrency, with both candidates issuing campaign-related NFTs. Their pro-crypto attitudes contrast with previous President Moon Jae-ban In’s on cryptocurrency exchanges last year, and have helped them gain support among the younger, more crypto-enthusiastic audience.
Yoon committed to deregulate South Korea’s crypto business at a virtual asset summit in January, demonstrating his forward-thinking position on digital assets.
Yoon indicated that he wants to assist establish blockchain-tech related “unicorns” (startups worth $1 billion or more) in South Korea awaiting his election, continuing his goals for crypto-positive advancements.
Yoon has also stated that he will draft laws that will see cryptocurrency proceeds from illegal conduct restored to the victims.
In a perhaps related event, Icon (ICX), the native token of the South Korean ICON blockchain, has increased by 60% in the last 12 hours. It’s backed off a bit, but it’s still up 40% at the time of writing. In December of last year, during a televised start-up symposium, Yoon famously minted his signature on the blockchain.
Related: Check out more news about Bitcoin
Crypto regulation has been a minefield for South Korean legislators, with tough regulations forcing the closure of the majority of the country’s crypto exchanges in September 2021. Citizens and legislative entities alike have been perplexed by a lack of statutory clarity concerning the taxation of digital assets.
Cryptocurrency is becoming increasingly popular among young South Koreans. Young individuals have started abandoning their jobs to pursue day-trading cryptocurrencies, according to reports from local news sites. The conventional stock market in South Korea, on the other hand, is controlled by four family-owned corporations known as “chaebols,” which many people feel are corrupt and politically powerful.
Trading volumes on South Korea’s leading exchanges were exceeding those of the stock market until a massive crackdown on cryptocurrency exchanges in September last year.