AS ONE DOOR CLOSES ANOTHER OPENS
https://www.ccn.com/why-south-korea-will-play-a-major-role-in-cryptocurrency-adoption/
The Korean government recently announced 1 trillion won (USD $880 million) to spend on blockchain development in 2019 as part of a 5 trillion won package to stimulate the economy through innovation.
This is a telling indicator that South Korea is changing its stance and creating a more favorable climate for blockchain technology and the legitimization of cryptocurrency.
Taxation
South Korea has a very high taxation rate. However, since 2013, bitcoin and other cryptocurrencies are exempt from capital gains tax. This is significant for traders and investors since they can keep 100 percent of their profits. It also makes navigating crypto taxation much more simple. While there are rumors that this tax haven on crypto may be about to change, no official line has been taken.
Head of Analytics at Cindicator Simon Keusen commented that their research indicates that South Korean influence in the global blockchain industry will continue to increase:
“The country is very open to new technology. The enthusiasm for crypto assets is palpable. Latest legislative initiatives show that the government understands the potential of blockchain technology.”
He concluded that:
“South Korea will play an important role in driving the adoption of cryptocurrencies globally.”
Featured Image from Shutterstock
