- The left-leaning Democratic Party of South Korea consented to postpone cryptocurrency gains taxes for an additional two years.
- Since 2021, the 20% tax on cryptocurrency revenue has already been delayed twice.
According to local news agencies on Sunday, South Korea is anticipated to postpone its cryptocurrency gains tax for an additional two years.
The Democratic Party of Korea (DPK), a left-wing party with a majority in the legislature, said that it had accepted the two-year wait that the administration and the ruling People Power Party had suggested.
Should this be accepted, South Korea would have delayed the 20% tax (22% plus municipal tax) on bitcoin gains over 2.5 million Korean won ($1,784) for the third time. The National Assembly’s plenary session is scheduled to vote on the planned delay on Monday.
With a greater tax-deductible threshold of 50 million Korean won ($35,714) rather than the present 2.5 million won level, the Democratic Party had previously campaigned for the tax proposal to go into effect on January 1, 2025.
According to reports, DPK floor leader Park Chan-dae stated during a news briefing on Sunday that the party approved the postponement because it believed the tax package needed more regulatory work.
One of the busiest retail bitcoin markets in the world is located in South Korea. Fifth on CoinMarketCap’s list of top spot exchanges is Upbit, the biggest cryptocurrency exchange in the nation that is solely allowed to serve local clients. In the last 24 hours, the amount of transaction has exceeded $11 billion.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
