Crypto tax on digital assets in South Korea will be delayed by another two years, according to an announcement from the Ministry of Economy and Finance tax policy chief Ko Kwang-hyo.
Ko’s announcement is part of President Yoon Suk-yeol’s new administrative-economic policy roadmap. Yoon had voiced out that a crypto tax should be introduced after preparing sufficient market infrastructure.
The roadmap reads that the upcoming “Digital Assets Basic Act” will focus on regulating the issuance and listing of cryptocurrencies.
January 1, 2023, was initially planned for 2022, but the date had to be moved due to heavy backlash from investors.
Investors argued that the crypto tax would heavily impact the nascent crypto industry. They said that the threshold was low, considering a tax plan for the stock market would kick in on capital gains above 50 million KRW (US$39,475.76).
Along with the crypto tax, a 20% tax on capital gains above 50 million Korean won (US$38,624.95) from stock trading has...
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