Ruling party proposes gov't delay planned taxation of cryptocurrency
The ruling Democratic Party of Korea (DPK) on Wednesday formally proposed that the government postpone the implementation of taxation on cryptocurrencies, set to take effect next year. The party's supreme council decided to make such a proposal in a meeting, considering the need to give businesses and investors time to adjust to the new taxation scheme, according to DPK leader Kim Min-seok. "We…
The ruling Democratic Party of Korea (DPK) has proposed that the government delay the introduction of a new cryptocurrency taxation scheme, set to commence next year. This proposal was made during a meeting of the party's supreme council, which considered the need to allow businesses and investors sufficient time to adapt to the new taxation rules.
DPK leader Kim Min-seok stated that the council agreed it would be more prudent to first enact the Digital Asset Basic Act, establish a comprehensive framework, and review taxation principles, current industry conditions, and fairness among users. Korea initially introduced a cryptocurrency taxation scheme in 2020, but its implementation has been postponed multiple times, with the tax set to take effect on January 1st.
If the proposal is accepted, it would represent the fourth delay of the tax scheme. Under the current legislation, annual cryptocurrency gains exceeding 2.5 million won ($1,880) would be taxed at 22 percent, including local income 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.
