Democratic Party presidential candidate Lee Jae-myung is preparing to use NFTs to raise funds for his campaign to appeal to millennials. The party will issue non-fungible tokens to those who donate campaign money during the upcoming presidential elections. The NFTs will contain images of the candidate and his commitments.
NFTs invite themselves into politics
In an interview with Yonhap NewsCampaign manager Kim Nam-kook said the party was doing this to appeal to the younger generation.
” As the younger generation, i.e. individuals in their 20s and 30s, are interested in emerging technologies, including virtual assets, NFTs, and the metaverse, they may be interested in this type of fundraising.ralsoNam-kook said.
The Democratic Party also stresses that it is exploring new ways to use new technologies, including the use of NFTs in campaigns and the acceptance of crypto donations.
Just recently, another Party member, Lee Kwang-jæ, also announced that he would be accepting crypto donations in mid-January.
“It is high time that we undertake innovative experiments to improve our understanding of these future technologies and change perceptions of digital currencies and NFTs.Lee wrote.
The arrival of a crypto tax in Korea
Apart from that, Lee stressed that politicians should be leaders in embracing digital transformation. He noted that policies and laws fail to catch up with digital development.
Meanwhile, South Korea’s Financial Services Commission (FSC) announced in early November that NFTs would not be regulated. However, a few weeks later, the FSC backtracked by announcing that non-fungible tokens would be taxable in January 2022.
The change in the law will require a 20% tax payment on digital asset income exceeding 2.5 million won ($ 2,100). However, the implementation of the tax was delayed for a year due to flaws reported by the Democratic Party.
South Korea may reconsider its decision regarding the taxation of crypto-assets and in particular NFTs, but they remain, however, still very attractive to the population. Indeed, a presidential candidate even offers to offer NFTs to individuals helping him finance his campaign. Additionally, the party he belongs to is seriously considering accepting crypto donations in the near future. Korea is on track to experience mass adoption of the digital industry.
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