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Coinpaprika 2024-12-03 11:10:14

South Korea Delays Crypto Tax to 2027

South Korea has decided to delay the introduction of its cryptocurrency capital gains tax by two years, giving the industry more time to prepare. Originally set to take effect in January 2025, the tax will now be implemented in 2027. The decision was announced after lawmakers reached an agreement amid ongoing political challenges and concerns about its impact on the market. Park Chan-dae, the floor leader of the Democratic Party of Korea, confirmed the agreement, stating, “We have decided on a two-year moratorium for the cryptocurrency tax proposed by the government.” The postponement was made despite earlier disagreements between political parties, with some favoring alternative solutions such as increasing tax-deductible thresholds instead of delaying the tax. Previously, the People’s Power Party had proposed delaying the tax until 2028, while the Democratic Party suggested raising the tax-free limit from 2.5 million won to 50 million won. However, both parties eventually agreed to push back the implementation date to 2027. This move allows lawmakers to further evaluate the potential effects of the tax and gives crypto traders more time to adjust. Once the law is enacted, South Korean investors will face a 20% tax on profits from cryptocurrency trading. The government initially planned to implement the tax in 2021 but postponed it multiple times, citing concerns about its possible negative impact on the local cryptocurrency market. The ongoing delays reflect the government’s cautious approach toward regulating this emerging sector. Park emphasized that while they agreed to delay the cryptocurrency tax, their party opposes reforms to inheritance and gift tax laws that would favor the wealthiest citizens. These proposed changes include reducing the inheritance tax rate from 50% to 40% and increasing deduction thresholds for beneficiaries. The latest delay provides an opportunity for both the government and the crypto industry to assess the broader implications of taxing digital asset gains. Traders now have until 2027 to prepare for the eventual implementation, ensuring they can adapt to the changes without undue disruption.

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