Categories: Market

The legislature of the opposition People’s Power Party in South Korea has prepared a new challenge for the planned crypto tax law. cryptocurrency

According to The Korea Herald, opposition lawmakers are in favor of a one-year extension from the start of crypto taxation in the country.

As Cointelegraph previously reported, the South Korean crypto tax system will impose a 20% tax on crypto income over 2.5 million won (US $ 2,100), which will come into effect in 2022.

In addition to the one-year delay, lawmakers are also pushing for tiered taxation of cryptocurrencies in line with the financial investment tax system, which is due to be introduced in 2023.

Under the bill, instead of the government-set fixed interest rate of 20% on profits over $ 2,100, the legislature proposed 20% on profits between 50 and 300 million won (42,000 to 251,000 US dollars), and 25% on profits 300 million won.

Regarding the need to relieve crypto investors, MP Cho Myoung-hee argued that a tax system for cryptocurrencies should be in line with the country’s financial investment tax.

Related: South Korean Legislator: Delay in Crypto Tax Law Is “Inevitable”

The People’s Party contesting the crypto tax law comes after a similar action by lawmakers of the ruling Democratic Party in September.

However, an agreement between the legislature and the country’s finance minister is said to have paid for all plans to delay the entry into force of the crypto tax law.

South Korea’s cryptocurrency tax system is one of many stringent regulations the government has recently enacted that could shape the country’s cryptocurrency market in the future.

In September, mandatory licensing requirements for South Korean crypto exchanges went into effect, with several smaller platforms having to close.

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

 

cryptocurrency

cryptocurrency

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

3 hours ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

5 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

7 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

8 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

11 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

14 hours ago

This website uses cookies.