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[March Week 2] PEN TALK

Main Topic

📌 Let’s find out the virtual asset-related policies of President Yoon Seok-yeol!

📌 EU passes draft law on virtual assets, Markets in Crypto Assets (MiCA)

📌 Ukrainian government launched cryptocurrency donation website ‘Aid For Ukraine’

Let’s find out the virtual asset-related policies of President-elect Yoon Seok-yeol!

Image Credit: Wiki Yoon

The recent presidential election in Korea has come to an end. After a fierce battle, Yoon Seok-yeol was elected president. Each candidate’s virtual asset policy attracted the attention of many investors and industry officials. Let’s put down our political ideology and talk about President-elect Yoon Seok-yeol’s virtual asset policy.

① Completely tax-free up to 50 million won in coin investment

- First, as with the deferred decision at the beginning of the year, income from virtual assets was classified as other income, and up to 2.5 million won was tax-free. However, like the financial investment income tax, he said that he would expand the application of the coin investment income up to 50 million won tax-free.

② ‘Enactment of the Digital Asset Framework Act and establishment of the Digital Industry Promotion Agency (tentative name)

- The president-elect said he will legally recognize digital assets and lay a legal basis for recovering unfair profits from virtual assets. In addition, the Digital Industry Promotion Agency, which will serve as a control tower for the virtual asset industry, will be established to cultivate experts.

③ Domestic ICO will be allowed, IEO will be allowed first

- It is said that the ICO, which has been completely banned since 2018, will be resumed in Korea, and IEO with legal safeguards will be allowed first.

④ Fostering the digital asset market through NFT activation

- It is said to support blockchain-based technology development and lay the institutional foundation. The NFT market is already active, but I think this is a very positive start as there is no related system as an early market. However, P2E-related policies are not mentioned, so I hope they will be supplemented later.

EU passes draft law on virtual assets, Markets in Crypto Assets (MiCA)

Image Credit: EU

The European Union’s (EU) legislative branch, the European Parliament’s Economic and Monetary Commission, held a meeting on the 14th and passed the draft Markets in Crypto Assets (MiCA) law. MiCA is a unified cryptocurrency regulatory framework for the European Union. It deals with various issues such as the status of major cryptocurrencies and stablecoins, and operation of mining fields and exchanges. Ahead of this vote, many people have been paying attention to whether a clause restricting the use of energy-intensive proof-of-work (PoW) networks such as BTC will be included. In the end, that content was excluded.

Ukrainian government launched cryptocurrency donation website ‘Aid For Ukraine’

Image Credit: Aid for Ukraine

People around the world are saddened by Russia’s invasion of Ukraine. Donations to Ukraine are continuing. Recently, the Ukrainian government announced that it had opened a website called ‘Aid for Ukraine’ with the help of Everstake and FTX. The community has set a fundraising goal of $200 million and has raised $48 million to date. So far, donations can be made in a total of 9 cryptocurrencies such as BTC, ETH, USDT, and DOT, and donations are also accepted in cash. If you are interested, we recommend you to visit. May peace come as soon as possible.

From this week on, every Thursday, we will be publishing a series of PEN TALKs that summarize the important news of the week.

We look forward to your interest and support.

We will come back with more diverse and useful news in the future.

Thank you.

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