South Korea to introduce cryptocurrencies and NFTs into its financial system by 2024

The newly elected South Korean president plans to change the legislation on digital assets by 2023 to maintain the country’s position as an industry leader.

The main law on digital assets is expected to be adopted in 2023. The goal is to make cryptocurrencies fully legal in the country. The legal framework should be approved as early as 2023, and the law itself should enter into force in 2024. The authorities have already stated that the initiative should include investor protection when dealing with cryptocurrencies, NFTs, and meta-universes.

During his presidential campaign, Yun Seok-yeol expressed his readiness to legalize ICOs and change the cryptocurrency taxation policy in the country. Previously, the threshold for taxation of annual profits from crypto transactions was $ 2,000, and the president proposed to raise this bar to $ 40,000.

According to Western media reports, the law on cryptocurrencies will be developed in accordance with international standards and will be based on the experience of the world’s largest economies. Earlier, the President of South Korea refused to introduce a cryptocurrency income tax.