- South Korea ‘s peak presidential candidate has announced a fundraiser based on NFTs .
The NFTs are intended to serve as a kind of a keepsake, enabling their holders to exchange them with other people and help push Lee ‘s campaign to more voters .
According to the Korea Times, starting January 2022, the govern democratic Party ( DPK ) will start offering digital images featuring Lee ‘s portrayal and policies to campaign donors.
Lee Jae-Myung, DPK ‘s campaigner in this class ‘s presidential elections, will be issuing non-fungible tokens to donors to his campaign. The announcement comes amid earlier concerns that crypto fundraises may breach Public Official Election Act or the political Funds Act .
however, donors will not be buying the NFTs, quite, they ‘ll be receiving crypto-collectibles including a portrayal of Lee deoxyadenosine monophosphate well as a list of his policies as a type of keepsake for their contribution .
The decisiveness is separate of extensive popularization from the Lee campaign to the young electorate. This move has involved talks to back digital assets and advocacy for non-fungible tokens in bet on. The Lee campaign is taking citation for the push, calling it the first use of NFTs to fundraise national presidential campaigns in the global .
According to Seoul ‘s National Election Commission ( NEC ), using NFTs to finance campaigns does not breach the area ‘s Public Official Election Act or the political Funds Act .
recently, a DPK legislator had announced that by mid-january, donations in crypto will besides be accepted. Lee Kwang-Jae has announced that NFTs will be offered as receipts for these donations .
The adoption of crypto-collectibles in South Korea ‘s presidential election campaigns indicates a bracing change of events despite the rise of crypto-related regulative concerns in the nation.
Read more: Pachinko Tokens FOR SALE!
In an effort to check illegal uses of decentralized crypto assets, the state has been looking for ways to impose regulations on crypto .
In September 2021, a newly rule was enacted in South Korea that authorized crypto exchanges to register with the Financial Intelligence Unit and associate with banks to guarantee actual-name accounts .
Over 60 crypto exchanges in the state notified customers of a partial derivative or total ending of trade services .
Regulating and taxing NFTs has besides remained a contentious publish among the south korean authorities .
In October, South Korean finance minister Hong Nam-ki announced during a parliamentary audit seance that non-fungible tokens should not be categorized as digital assets.
Read more: Coin rotation paradox – Wikipedia
The state ‘s Financial Services Commission ( FSC ) has besides remained irregular concerning whether or not to categorize NFTs as virtual assets .
According to South Korean newspaper Hankyung, the crypto sector is enjoying its second countrywide thunder in the country since 2018, with more than two million South Koreans experimenting in the digital space .
While South Korea ‘s presidential campaigner ‘s NFT financing may be the first of its kind, the cryptocurrency industry has been playing a critical role to finance political campaigns recently. In the United States, former beginning dame Melania Trump recently unveiled an NFT platform. The initial put up was a tokenized watercolor of President Donald Trump ‘s eyes .
First published on Jan 4, 2022