Crypto Tax in South Korea May Be Postponed Until 2028
South Korea’s ruling party is once again contemplating delaying the implementation of cryptocurrency-specific taxes, potentially pushing them back to 2028.
This decision aims to mitigate public dissatisfaction and maintain support amidst cryptocurrency’s popularity as an investment asset, with over 6 million South Koreans involved by 2023. The uncertainty over taxation is impacting the trading market, contributing to recent declines in trading volumes on national exchanges.
Additionally, the lack of clear regulatory frameworks poses challenges for implementing a robust cryptocurrency tax system. Critics suggest that political considerations, including upcoming elections in 2028, could further delay these tax reforms, marking the third postponement since originally slated for 2023 and subsequently moved to 2025. Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok noted ongoing review and preparation for potential tax law revisions.
Clever Robot News Desk 18th July 2024
