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Conservative Yoon Suk-yeol<\/strong>, who supported deregulation of the cryptocurrency sector and issued non fungibe tokens (NFTs) during his election campaign, has been elected as South Korea\u2019s next president.<\/p>\n What Happened<\/strong>: South Korean ruling party candidate\u00a0Lee Jae-myung<\/strong>\u00a0admitted defeat on Thursday morning, according to a BBC\u00a0report<\/a>.<\/p>\n Yoon, who represents the opposition, won the presidency by a margin of just one percent in a heated contest, as per the report.\u00a0<\/p>\n During the campaign, Yoon had advocated for the deregulation of the virtual asset industry,\u00a0according<\/a>\u00a0to Korea\u2019s Yonhap News Agency.<\/p>\n “To realize the unlimited potential of the virtual asset market, we must overhaul regulations that are far from reality and unreasonable,” Yoon has been quoted as saying.<\/p>\n Both Yoon and Lee issued NFTs during their election campaign, according to a\u00a0report<\/a>\u00a0from The Block.<\/p>\n See Also:\u00a0<\/em>How To Buy Bitcoin (BTC)<\/em><\/a><\/p>\n Why it Matters:<\/strong>\u00a0Yoon during his campaign pledged to reduce the tax burden on profits from cryptocurrency investments, such as those in\u00a0Bitcoin<\/strong>\u00a0(CRYPTO:\u00a0BTC<\/a>),\u00a0Ethereum<\/strong>\u00a0(CRYPTO:\u00a0ETH<\/a>) and\u00a0Dogecoin<\/strong>\u00a0(CRYPTO:\u00a0DOGE<\/a>), according to Yonhap.<\/p>\n The president-elect reportedly called for measures that would allow the virtual asset industry to produce unicorns.\u00a0<\/p>\n Prices of Bitcoin on South Korean exchanges and those around the world usually have a gap, which is referred to as \u201ckimchi premium.\u201d<\/p>\n The Korean cryptocurrency market is mostly comprised of retail investors due to prevalent regulations against institutional investors and stable coins, according to CryptoQuant, a community-driven analytics platform.<\/p>\n