Bitcoin

South Korea’s proposal to delay crypto taxation and abolish financial investment income tax has been postponed due to the country’s prevailing impeachment crisis. Despite having solid support from investors and the opposition party, the bill’s progress has been halted amid the worsening political situation. If the taxation delay bill is not amended, the financial investment income tax and virtual asset tax will take effect on January 1, 2025, as scheduled.Recently, South Korea<a href="https://cryptotale.org/south-korea-embraces-carf-to-enhance-tax-transparency/" rel="noopener noreferrer nofollow"> reintroduced</a> a crypto taxation bill, originally launched in 2021 and delayed twice. The bill intends to collect 20% tax from crypto gains exceeding 50 million Korean won (approximately $35,919). This threshold is significantly higher than the initial 2.5 million won ($1,791), addressing investor concerns.Korean Democratic Party’s policy committee Chairman, Jin Sung-joon, confirmed that the taxation would begin in January 2025. Later, the opposition Democratic Party pledged to postpone the bill to 2027 with bipartisan support. In a <a href="https://news.koreaherald.com/view.php?ud&#61;20241201050037" rel="noopener noreferrer nofollow">press conference</a>, the party leader, Rep. Park Chan-dae, stated, “We have decided to agree to a two-year moratorium on the implementation of the cryptocurrency taxation proposed by the government and ruling party.”<a href="https://cryptotale.org/south-koreas-crypto-tax-in-limbo-amid-impeachment-chaos/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

South Korea’s Crypto Tax in Limbo Amid Impeachment Chaos

CryptoTale

Other articles published on Dec 9, 2024

Ethereum reached $4k as retail accumulation strengthens

El Salvador Bitcoin Policy Faces Shift for $1.3B IMF Deal

Will XRP Sustain Its Bullish Momentum?

XRP Whales Scoop Up $288 Million In Ripple As Price Dips To $2.22

Price analysis 12/9: SPX, DXY, BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX

KPMG: Australia’s blockchain industry shrinks by 14% amid shift to AI

Join our free newsletter for daily crypto updates!