South Korean lawmakers have proposed pushing back the implementation of cryptocurrency capital gains taxes until 2028, citing current negative market sentiments.
Originally set for January 2025, the delay is seen as necessary due to concerns that imposing taxes hastily could further discourage investment in virtual assets, which are considered riskier than traditional stocks.
The move reflects President Yoon Suk-yeol’s campaign promise to postpone the tax to ensure a clear regulatory framework is in place first.
However, the Ministry of Economy and Finance has not finalized the decision, with new tax policy amendments expected by month-end.
South Korea has emerged as a global leader in crypto adoption, with its currency, the Won, dominating global crypto trades, totaling $456 billion in the first quarter of this year.
The country has also been proactive in implementing regulations to protect crypto users.
Anthony Scaramucci, founder of SkyBridge Capital, announced that Vice President Kamala Harris is working on her campaign’s cryptocurrency policies, with support from crypto advocates.
U.S. Congressman Warren Davidson has vocally criticized SEC Chair Gary Gensler, accusing the SEC of deliberately hindering Bitcoin ownership.
Former senior officials from the U.S. Securities and Exchange Commission (SEC) are preparing to testify at a congressional hearing scrutinizing the agency’s approach to regulating cryptocurrencies.
The DLT Science Foundation (DSF) introduced the MiCA Crypto Alliance on September 16, with Hedera, Ripple, and the Aptos Foundation joining as key partners.