The National Assembly of South Korea has decided to postpone the cryptocurrency tax’s introduction until 2027, the third time since it was first suggested in 2020. The Democratic Party (DP), the major opposition party, expressed support for the government’s delay plan during the National Assembly’s plenary session on December 2.
Prior Efforts to Promote the Tax Proposal
Prior to this postponement, the DP had put up a different plan that aimed to enact the cryptocurrency tax by 2025. In keeping with the requirements for stock trading taxes, their plan did, however, incorporate a higher yearly tax threshold of 50 million Korean won, or roughly $36,000. Despite their best efforts, the ruling People Power Party (PPP) did not support the idea.
Justification for the Delay Decision
The delay, according to DP leader Park Chan-dae, was the consequence of lengthy negotiations that centered on giving institutional preparations additional time. When the crypto tax system is finally put into place, the aim is to guarantee its efficacy.
