Crypto-friendly Yoon Suk-yeol wins Sth Korean presidency, ICX surges 60%

Conservative South Korean statesmanlike campaigner Yoon Suk-yeol has officially been elected arsenic South Korea’s adjacent president.

The predetermination was 1 of the closest successful South Korean history, according to BBC coverage, which saw Yoon, representing the blimpish People Power Party, assertion triumph implicit his much politically progressive opponent, Lee Jae-myung, by a borderline of little than 1%.

Cryptocurrency played a starring relation successful South Korea’s predetermination debate, with some candidates releasing campaign-related NFTs. Their crypto-sympathetic stances are successful absorption to former-President Moon Jae-In’s crackdown connected crypto exchanges past year, and helped curry favour with the younger, much crypto enthusiastic demographic.

Speaking astatine a virtual plus forum successful January, Yoon promised to deregulate South Korea’s crypto industry, establishing his forward-thinking stance connected integer assets.

"To recognize the unlimited imaginable of the virtual plus market, we indispensable overhaul regulations that are acold from world and unreasonable."

Continuing his plans for crypto-positive developments pending his election, Yoon stated that helium wished to assistance make blockchain-tech related “unicorns” (startups that turn to beryllium worthy $1 cardinal oregon more) successful South Korea.

Yoon has besides promised to present immoderate signifier of authorities that would spot crypto profits gained from illicit enactment returned to its victims.

In a perchance related improvement cryptocurrency Icon (ICX) the autochthonal token of the South Korean ICON blockchain, surged 60% successful the past 12 hours. It's pulled backmost a small but was inactive up 40% astatine the clip of writing. Yoon famously minted his signature connected the blockchain astatine a televised commencement up forum successful Dec. past year.

— ICON Foundation (@helloiconworld) December 2, 2021

Regulation concerning crypto has been a minefield for South Korean politicians, with strict rulings seeing the bulk of South Korea’s crypto exchanges unopen down successful Sept. of 2021. A deficiency of legislative clarity surrounding taxation of integer assets has been a continual root of confusion for citizens and legislative bodies alike.

Related: Major crypto exchanges oculus Asian marketplace amid increasing regulatory clarity

Cryptocurrency is gaining popularity with young South Koreans. According to reports from section quality outlets, young radical person been leaving their jobs to prosecute day-trading cryptocurrencies. South Korea’s accepted banal marketplace by opposition is dominated by 4 family-owned conglomerates, known arsenic “chaebols,” which galore judge to beryllium corrupt and politically influential.

Before the large crackdown connected crypto exchanges successful September past year, trading volumes connected South Korea’s apical exchanges were exceeding those of the banal market.