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 proposed crypto tax on gains from digital currency transactions, originally set to commence in January, may be delayed for a fourth time as the government becomes more cautious amid mounting concerns from various stakeholders. The government contends that the tax is justified, both for the principle of income taxation and to ensure fairness across different asset classes. However, recent policy shifts and mounting pressure have heightened expectations of another postponement.
The government's recent commitment to reassess tax infrastructure and market conditions has contributed to the anticipation of another delay. This comes as falling stock prices and stricter property taxes have already dismayed investors, raising fears that the crypto tax could further alienate them. President Lee Jae Myung's and the ruling party's low approval ratings have also intensified the political pressure surrounding this issue.
The timing of the tax is particularly sensitive, as the first filing and payment deadline would be set for May 2028, right after parliamentary elections in April. Rep. Park Soo-young of the main opposition People Power Party has been vocal about the growing concerns surrounding the crypto tax.
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.
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