Korea's crypto tax faces 4th delay as gov't turns cautious amid low approval ratings
Korea’s tax on cryptocurrency gains, scheduled to take effect in January, could face a fourth postponement as the government turns cautious amid mounting calls for a delay from investors, the industry and lawmakers from both ruling and opposition parties. Authorities have defended the levy on the principle that income should be taxed and on grounds of fairness across asset classes. However, the…
Korea's tax on cryptocurrency gains, set to commence in January, may be delayed for a fourth time as the government becomes cautious due to increasing demands for postponement from investors, industry players, and lawmakers from both ruling and opposition parties. While authorities support the levy, citing the principle of taxing income and fairness across asset classes, recent plans to reassess tax infrastructure and market conditions have fueled speculation about another postponement.
This decision coincides with falling stock prices and stricter property taxation, which have already caused investor frustration, potentially leading to further backlash against crypto taxation. Moreover, President Lee Jae Myung and the ruling party are grappling with low approval ratings, adding political pressure to the situation.
The issue is especially sensitive among young investors. Currently, the first filing and payment deadline is scheduled for May 2028, just after parliamentary elections held that April. On Wednesday, Rep. Park Soo-young of the main opposition People Power Party voiced concerns regarding the situation.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
