South Korea Puts Off Tax on Crypto Gains by 2 Years
South Korea’s Democratic Party has approved a two-year delay on taxes for profits from cryptocurrency trading. This decision marks a significant shift in the party’s stance, as it had previously opposed such postponements.
On Sunday, Democratic Party floor leader Park Chan-dae announced:
“We have agreed to a two-year moratorium on implementing the proposed cryptocurrency taxation by the government and ruling party.”
Originally set to be implemented in January, the tax will now be pushed back to the beginning of 2027 to allow the market more time to adjust. This decision shows a growing bipartisan caution towards rushing the implementation of cryptocurrency taxation in South Korea.
Earlier this year, the ruling People Power Party suggested pushing back the 20% tax on crypto profits until 2028, citing concerns that high taxes could discourage investors from participating in the market.
