Yoon Suk-yeol, the newly elected president of South Korea, from the conservative People Power Party, vowed to deregulate the digital asset industry. The crypto-friendly president, who served as the country’s prosecutor general between 2019 and 2021 under President Moon Jae-in, aims to further promote the growth of crypto, stating that they “must overhaul regulations that are far from reality and unreasonable” in order to unlock the unlimited potential of the digital asset market. He also pledged to ease the tax burden for crypto investors, suggesting an increase of the tax threshold for crypto investments from the current 2.5 million won to 50 million won.