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Home » South Korea’s Crypto Tax: Potential Delay to 2028 by Ruling Party

South Korea’s Crypto Tax: Potential Delay to 2028 by Ruling Party

Hania by Hania
July 17, 2024
in Altcoin News, Bitcoin News
Reading Time: 2 mins read
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South Korea Implements Strict Crypto Regulations: 80% of Assets Must Be Held in Cold Storage
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South Korea’s ruling party, the People’s Power Party, has officially proposed a significant delay in the implementation of the country’s tax on cryptocurrency trading profits. Originally set to take effect in January 2025, the new proposal suggests pushing the date back to January 2028, nearly seven years from the initial schedule.

Reasons for the Delay

The proposal submitted on July 12 highlights the deteriorating sentiment towards crypto assets among investors. The People’s Power Party emphasized that imposing taxes on virtual assets rapidly is “not advisable at this time,” pointing out the higher risks associated with cryptocurrencies compared to stocks. The party fears that an immediate tax imposition might drive investors away from the crypto market.

Fulfilling Election Promises

Leading up to South Korea’s general elections in April, the People’s Power Party had pledged to delay the crypto gains tax implementation. On February 19, the party argued for the necessity of establishing a comprehensive crypto framework before initiating taxation. The proposal underscored the need for a solid regulatory foundation to oversee crypto transactions, a system the party believes requires at least two more years to develop.

South Korea's Crypto Tax: Potential Delay to 2028 by Ruling Party

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History of the Crypto Tax Delay

The plan to tax crypto gains in South Korea has faced multiple postponements. Initially scheduled for 2021, the implementation was first delayed to 2023 due to backlash from industry leaders and stakeholders. The government then pushed the date further to January 2025, citing concerns over protecting investor interests. If the current proposal is approved, it will mark a nearly seven-year delay from the original timeline.

Taxation Details

In South Korea, cryptocurrency investors are required to pay a 20% capital gains tax on annual gains exceeding 2.5 million won (approximately $1,800). This threshold is significantly lower compared to stocks, where gains are only taxed if they exceed 50 million won (about $36,000). The ruling party’s proposal aims to align the taxation process with a more structured and investor-friendly approach.

Also Read: South Korea Sets NFT Guidelines to Navigate Crypto Market
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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