ICON (ICX): A few days ago, it emerged that South Korea will be cutting taxes for blockchain projects. This comes after last month’s revelation that the Korean parliament was going to legalize ICOs. All this points to South Korea becoming friendlier to cryptos, and its great news. South Korea has one of the most active crypto users in the world, and accounts for close to a quarter of all global crypto trading volumes. Naturally, if the country becomes friendlier to crypto by cutting on taxes on blockchain projects, even more South Koreans will take an interest in crypto and drive up demand. One project that stands to gain most is ICON (ICX). Several factors support ICON (ICX) as the project that stands to benefit the most.
First, it has wide partnerships that cut across the South Korean economy, including partnerships with mega corporations such as Samsung. This incentives investors to get into ICX, since it has strong fundamentals supporting it, and best of all, it’s Korean. There are very few projects with such a combination of factors supporting it. A supportive government, a wide partnership, and a pro-crypto population will no doubt be a catalyst to push ICON to the moon in coming days.
ICON (ICX) is also designed for the development of ICOs. The number of ICOs on ICON has grown over time, and a good tax environment would spur an explosion of new ICOs. ICON being a Korean project offers the perfect fit for Korean developers looking to launch ICOs. But it’s not just the fact that it is Korean that makes ICON the perfect blockchain for Korean ICOs, it is also superfast, scalable and cost-effective. That’s the perfect mix for a developer looking to create a Decentralized application. As the Korean tax law on crypto takes effect, the number of ICOs on ICON will surge, and so will the value of ICON.
Another factor that gives ICON an edge with better regulations in Korea is its global reach. Crypto is global and as such, with a favorable crypto environment in Korea, investors across the world will be looking into Korean projects. But the ones that stand to benefit the most are those that are available on exchanges that have a global audience. ICON is one project that is available on several global exchanges including Binance. It is also available on Huobi and Upbit. Once investors feel that a Korean led bull rally is underway, ICON will get a huge surge in volumes, volumes that will drive up its value by a huge margin.
ICON is also a member of the global interoperability alliance, an alliance that aims to create blockchain interconnectedness. This alliance is creating the infrastructure for this interconnectivity, and once it achieves its objectives, the projects involved will surge in value.
With all these factors at play, ICON (ICX) is a crypto ripe for a take-off. Chances of a bull rally that could see it rise to over $20 in the short-term are high. It could even get to higher valuations in the long-run.