south korea nft nftsjaehyuk the

While he believes in easing of sanctions, he also advocates immediate restoration of sanctions if North Korea fails to keep promises of denuclearization.[64]United States[edit]

Lee supports good trade relations with the US. He also believes in good relations with the US military, which has its main bases in his province. However, he has criticized the US-deployed THAAD anti-missile system for drawing Chinese economic retaliation.[65] Later, he said that as the THAAD is already deployed, it is needed to make a new decision considering the US-ROK alliance and the progress of denuclearization of North Korea.[66]

China[edit]

Lee has stated that while the United States is South Korea’s only ally, China is also a strategic partner. He has said that “There is no reason to narrow our range of movement by choosing one or the other side. It is competent diplomacy to make the U.S.

For example, if an NFT were to hold an intrinsic value, it could in theory be subject to the regulations governing a digital asset.

All this, comes after South Korea tightened its registration requirements with regards to crypto exchanges, thereby increasing the difficulty for companies to operate within the country. The populace however, has engaged in the NFT space with much enthusiasm, making South Korea a huge market for digital collectibles and their ilk and with K-POP sensations such as BTS ready to join the fold.

Many countries are independently making up their minds on crypto-related products. From China outlawing the use of digital currencies, to El Salvador actively embracing them.

The first NFT marketplace in Korea (which opened on 31 March 2021) included a “lighter with the ‘casano’ pattern”, which appeared in the popular Korean drama Vincenzo, and have been sold in a limited quantity of 100 as NFTs at 0.13 Ethereum (USD250) per piece.

The big three K-pop agencies – SM Entertainment, YG Entertainment and JYP Entertainment – have announced plans to invest, partner or release NFTs of their artists. BTS, the world’s biggest music group, is also joining the fray.

On 4 November 2021, HYBE (BTS’ agency) announced that it had partnered with Dunamu, a blockchain company, to establish a joint venture to branch out into the NFT marketplace.

Although K-pop and Korean dramas tend to attract more headlines, the true engine of Korea’s pop culture machine is its video game industry.

The head of Korea’s Game Rating and Administration Committee has reiterated that the ban on NFT video games will continue.

Talking to the media, the chairman of the committee said that the video game laws restrict any game that involves speculation and gambling.

“It is a misconception that the game committee blocks new technology such as blockchain and NFT’s,” Kim said. “The game industry promotion act, unlike other laws promoting culture, is established to prevent speculation.” However, the chairman also showed a welcoming attitude for blockchain-based games if they do not contain elements of cashable and tradeable NFT’s.

The reason why South Korea is against the speculative elements is because of a 15-year-old incident of the game Sea Story.

Meanwhile, the latest poll on the presidential election conducted by Gallup Korea shows Yoon Suk-yeol leading the presidential race with a 39% approval rating. On the other hand, DPK presidential candidate Lee Jae-myung follows closely behind with 38%.

Similarly, both presidential aspirants Yoon and Lee have made crypto-friendly policy promises. One of these promises is reversing a local restriction on ICOs that has been in place since 2017.

Since 2021, South Korea’s government has been looking to impose strict regulations on the local crypto and digital assets ecosystem.

Another regulation proposed a 20% tax for those who generated over $42,000 profit from cryptocurrency trading.

Lee Jae-myung, the candidate from the ruling Democratic Party of Korea (DPK) for the March 2022 presidential election, is taking the cryptocurrency route by issuing non-fungible tokens (NFTs) to those who donate to his election campaign.

In order to gain funding and popularity among the masses, especially the younger generation, the DPK will be issuing digital images featuring Lee and his policies to campaign donors starting this month, Korea Times reported the party officials as saying. This push also includes advocacy for digital assets and NFTs.

“With politics, we should break the regulations and foster new industries such as metaverse and NFT and give hope to the young people,” Lee Kwang-jae said last week.

A DPK lawmaker also said recently, that they will also accept donations in crypto and will issue NFTs as receipts for these donations.

Two opposition party lawmakers already sought to postpone such a ruling’s enaction for up to two years.

If plans go as expected, the new crypto tax ruling that seeks to impose a 20% tax on crypto gains – classified as ‘miscellaneous incomes – and which applies to mining operations and ICOs could not come into effect starting January 1, 2022. The ministry’s plan also wanted to tax on gains made in one year of over $2,125.

Moreover, Representative Yoo Dong-soo, head of the party’s task force on cryptocurrencies, commented that the maximum deductible amount from crypto trading should be raised to 50 million won ($42,415).

South Koreans Support the Government’s Plans to Tax Cryptos

Recently, a study conducted by the Korea Social Opinion Research Institute (KSOI) revealed that most South Koreans want the government to tax cryptocurrencies.

Democratic Party presidential candidate Lee Jae-myung announced on November 11 that “the Democratic Party will become the first party in the world to launch an NFT to raise funds for the presidential election.”

Starting this month, DPK will send digital images of victims and enduring rights to their supporters and donate them to their campaigns. The parties explained that they would use NFTs as a contract to allow NFT holders to trade these digital assets with others.

Democratic Party founder Lee Kwang-jae announced on the 29th that he would start accepting free cryptocurrency donations by mid-January and announced the freebies in NFTs. Earlier, the Election Commission recently announced a fundraising plan.

Rep.

So tell me the basics. What do you mean he has gone from rags to riches?

A. Lee is the fifth of seven children born into a poor farmer’s family in 1964 in Andong, North Gyeongsang Province. After graduating elementary school when he was 12, he moved to Seongnam, Gyeonggi Province where he worked at a factory during his school years.

His family reportedly could not afford to send Lee to school anymore, so Lee spent six years as a factory worker and took GED tests to earn his middle and high school diplomas. An injury he suffered while working in the factory exempted him from mandatory military service.

In 1982, he entered Chung-Ang University as a legal studies major with a scholarship.

South Korea’s ruling Democratic Party of Korea or DPK is on its way to creating history by becoming the world’s first political party to issue non-fungible tokens [NFTs] for fundraising in a presidential election, according to presidential candidate Lee Jae-Myung’s campaign committee on 2nd January 2022. As per official sources, starting from this month, the DPK will sell the digital images featuring Lee’s photos and policies to his supporters and raise donations to fund his election campaign.

The election committee’s latest fundraising plan comes close on the heels of DPK lawmaker Lee Kwang-Jae’s announcement on 30th December last year that he would accept cryptocurrency donations in mid-January and issue receipts for donations in the form of NFTs.

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