As per the latest report of KBS World, the prime minister candidate of Moon Jae-in, the South Korean President, Kim Boo-kyum, has proclaimed that he will put his focus to ensure that there will be no victims on the upcoming highly-controversial crypto tax law next year. Kim’s bold comments came even more surprising, considering that the country is currently on high alert regarding cryptocurrencies due to the recent adverse assertions of the South Korea Financial Services Commission Chairman, Eun Sung-soo.
Eun, a well-known crypto critic within the country, downright stated that cryptocurrencies do not possess any intrinsic value. In his speech at the recently-held National Policy Committee meeting, Eun argued that there is no need for any crypto regulation urgency, explaining that protecting assets that could potentially jump up to 20% in one given day, more and more would only follow suit. Eun seemingly implies that this would only start a loop of unnecessary rulings resulting in a significant waste of effort and resources.
While in opposition to Eun’s direct shot against cryptos, prime minister nominee Kim downplayed the assertions of the FSC chairman by stating that he only intends to cool the market down. Nevertheless, Kim’s vow to look into the incoming South Korean crypto tax law appears promising to the many proponents of the crypto ecosystem currently residing within the country.