Home>News>Economy>Cryptocurrency>South Korean Political Heavyweight Lashes Out at Gov’t Crypto Policy

South Korean Political Heavyweight Lashes Out at Gov’t Crypto Policy

Cryptocurrency
15.05.2021
141
South Korean Political Heavyweight Lashes Out at Gov’t Crypto Policy

The founder of a leading opposition party, the tech guru Ahn Chul-soo of the software giant and antivirus provider AhnLab, has hit out at the South Korean government’s crypto policy.

Per Maeil Kyungjae, Ahn lashed out at the ruling Democratic Party and the government’s plans to impose a 20% levy on crypto tax profits, which will come into force next year – claiming that Seoul should step up the level of protection it affords investors.

Ahn stated,

“Even gangsters who demand protection money offer some form of protection. […] The government is worse than gangsters in this regard. […] It has neglected the crypto sector and allowed it to become a gambling den.”

Ahn founded the People Party (not to be confused with the main opposition People Power Party) in 2020, and is also a mainstay in South Korean politics. He ran for President in 2011 and 2017, and ran for the position of Seoul mayor in 2018 and again in 2021, before pulling out to endorse the ultimately victorious candidate, Oh Se-hoon.

As part of his 2021 mayoral campaign, Ahn promised to make a swathe of blockchain technology-related investments, and has still not ruled out running in next year’s presidential elections.

He also opined that crypto should be taxed in the same manner as stock trading. As previously reported, domestic stock traders are allowed to offset their tax bills for up to five years, while the threshold for tax payments on stock trading-related profits is USD 42,000 per year, providing traders invest in KOSDAQ-listed companies. The crypto threshold, however, will be just USD 2,100 per year. Angry crypto advocates have claimed the measures are unfair and discriminatory.

Ahn added that the government should provide a safety next for crypto investors by creating a permit-based system for crypto exchanges, whereby regulators could check that trading platforms meet stringent criteria – and enforce rules that would protect investors’ funds from fraud and hacking-related risks.

– Ripple Execs Blast SEC’s ‘Perplexing’ Actions in String Of Interviews – DeFi Sector May Face Threat from New EU Crypto Regulations – Survey

– Regulatory Kaleidoscope Challenges Crypto Industry – Crypto.com CCO – Regulators Ponder Strategy As Bitcoin & Co Are Too Large to Ignore

– Can’t Beat Crypto Regulators? Educate Them – Task Force to Tell Washington: Ramp Up Crypto Exchange Regulation

Author:cryptonews

Актуальные новости

02.09.2021, 12:17
240
UK Students Turn To Crypto Investments Amid Financial Woes
30.08.2021, 17:41
299
3 Blockchains Looking to Dethrone Ethereum
19.02.2022, 22:30
160
Fed Bans Senior Officials From Cryptocurrency Investing
26.05.2021, 11:54
176
Chinese Miners Block Mainland IP Access as Beijing’s Purge Intensifies
04.11.2021, 00:30
320
Body blow for Biden as voters in Virginia and New Jersey desert Democrats
10.10.2021, 14:53
188
Sebastian Kurz departure is further blow to Europe’s centre-right
14.05.2021, 17:00
139
IRS Will Seize Cryptocurrencies From Investors to Settle Tax Debts, Official Warns
11.09.2021, 16:04
235
‘To this day I look for the towers’: New Yorkers gather for 9/11 anniversary
btc
$ 20778
-1.01%
eth
$ 1198.69
-1.89%
busd
$ 1
-0.15%
xrp
$ 0.346114
-1.17%
ltc
$ 54.87
-2.69%