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The South Korean government and ruling right-wing People Power Party are considering delaying the taxation of cryptocurrency investment gains from January 2025 to January 1, 2028. The Ministry of Finance has not made a final decision and expects to release next year's tax law amendments later. Initially set for January 2022, the 20% crypto gains tax has faced heavy backlash and has been postponed twice. The proposal to delay the tax comes amid concerns that taxing such a high-risk asset could drive investors away. Approximately 6.5 million South Koreans, or 12.5% of the population, used cryptocurrency by the end of last year.
JUST IN: 🇰🇷 South Korea’s ruling party proposes delaying the cryptocurrency tax from Jan 1, 2025, to Jan 1, 2028, stating that rapidly imposing taxes on virtual assets is “not advisable at this time.” They argue that crypto's higher risks compared to stocks may drive investors… https://t.co/wJzO5EVFwF
South Korea Mulls Pushing Back Crypto Taxation to 2028 👀💥🇰🇷 Click below for the full report 👇👇 https://t.co/eRmNq5g7Qz
🇰🇷 South Korea's right-wing People Power Party has proposed delaying the 20% crypto gains tax by 3 years, pushing it from 2025 to 2028. The tax faced heavy backlash and was postponed twice. Around 6.5M citizens (12.5% of the population) used crypto by the end of last year.
