If the new proposal is approved, implementing the crypto gains tax in the country will be delayed by nearly seven years from its original schedule.
South Korea’s ruling party, the People’s Power Party, officially proposed to delay the implementation of the country’s tax on crypto trading profits.
On July 12, the party submitted the proposal and noted that current sentiment toward crypto assets is deteriorating. The description stated that rapidly imposing taxes on virtual assets is “not advisable at this time.”
Furthermore, the proposal argued that with crypto having higher risks than stocks, investors are expected to leave the market if income tax is also imposed.
