South Korea Proposes Delaying Crypto Tax Amid Market Concerns
16.07.2024 9:00 1 min. read Alexander Stefanov
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.
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