South Korea Postpones Cryptocurrency Tax Until 2027
Date: 2024-12-11 Author: Gabriel Deangelo Categories: IN WORLD
The planned tax assumes 20% of income received from cryptocurrency transactions if the amount of profit exceeds 2.5 million Korean won. Work on this amendment began in 2020, but its implementation has been postponed several times.
Initially, the tax was going to be introduced in October 2021, but then the deadline was postponed to January 2022, citing the insufficient readiness of the tax infrastructure. Later, at the end of 2021, the implementation was postponed again - until 2023. However, in July 2022, opposition forces exerted pressure, as a result of which the postponement period was extended to early 2025.
Now, according to the latest decision, the introduction of the tax is not expected before 2027. This further delays plans to regulate the cryptocurrency market in the country, which continues to develop in conditions of uncertainty.
It is worth noting that against the backdrop of the declaration of martial law by the President of South Korea on December 3, the country's cryptocurrency market experienced a serious decline. This event became an additional factor influencing investor sentiment and increasing market volatility.
