• Yoon Suk-yeol is South Korea’s new president.
• His crypto-friendly attitude is what makes him famous.
• His campaign promises were appealing to crypto-loving young Koreans.

Yoon Suk-yeol, the leader of the South Korea’s People Power Party, secured a narrow win over the Democratic party candidate, becoming South Korea’s new president. Securing 49% of votes, the 61-year old former prosecutor became the nation’s newest leader.

Yoon Suk-yeol was a popular choice among the younger Korean population because of his crypto-friendly approach. His most controversial campaign promise is to increase the threshold to pay capital gains tax on income from and other crypto currencies from $2,000 to 40,000. If implemented, this will become the world’s most generous tax-free allowance.

Yoon’s approach stood out, in contrast with that of the previous government. According to political analysts, Yoon won because of his tech-focused approach combined with anti-feminist sentiments.

According to the new president, he may also review a 2017 ban regarding initial coin offerings and reinstate controversial fundraising tactics. An ICO (initial coin offering) is an unregulated method of raising funds for a cryptocurrency startup. ICOs are fraught in scams that see coin issuers disappear after the funding is completed.

Yoon felt the pulse and used the NFT craze to his advantage. Yoon also launched a NFT-themed collection, complete with videos and pictures, during his election campaign.

It is noteworthy that tokens of prominent South Korean project ICON (ICX) surged as much as 70% in the past 24 hours after Yoon Suk-yeol’s win.

Yoon Suk-yeol is the one young Koreans are looking up to, as they have felt disproportionately affected by increasing wealth in Korea. We will have to wait and see if the future comes true.

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