Korea’s Democrats Back a Crypto Tax Delay, Promise a Firm End Date They Haven’t Named
By Unchained
AI summary of the source article
South Korea’s ruling Democratic Party has formally proposed postponing the virtual asset income tax slated for January 1, 2027. The party seeks to first enact the Digital Asset Basic Act to establish an industry framework.
Why it matters
Kim stated it is desirable to first enact the Digital Asset Basic Act to "set up the overall framework and give companies and investors an adaptation period" so that "companies actively invest in new services and users can trade with peace of mind."
Key facts
- Democratic Party chief Kim Min-seok formally proposed deferring South Korea's crypto income tax scheduled for Jan. 1, 2027.
- The tax would apply a 22% rate, including local tax, on crypto income exceeding 2.5 million won.
- The tax has already been postponed three times since being enacted in 2020, and a further delay requires amending the Income Tax Act.
Source excerpt · Unchained
Party leader Kim Min-seok wants the Digital Asset Basic Act passed before crypto gains are taxed and pledged a firm end date for the deferral this time, without naming one. The post Korea’s Democrats Back a Crypto Tax Delay, Promise a Firm End Date They Haven’t Named appeared first on Unchained .