According to local news outlets, Park Chan-dae, the floor leader of the Democratic Party, announced during a press conference that the party has reached an agreement with the government to delay the implementation of a tax on cryptocurrency traders for an additional two years.
The original bill, scheduled for 2025, will now be pushed back to 2027.
Park explained that the government needs to make more preparations before enacting systematic taxation on cryptocurrency traders. He stated, “After extensive discussions on postponing the taxation of virtual assets, I believe that now is the time for further institutional changes.”
The National Assembly will vote on December 2, 2024 to determine the future of South Korea’s proposed crypto tax, with both parties agreeing to delay its implementation. Initially, the Democratic Party had opposed the People’s Power Party’s proposal to postpone the launch, insisting that the 20% tax on crypto traders should still begin in January 2025.
The party had also suggested raising the yearly tax threshold from 2.5 million won ($1,781) to 50 million won ($35,633).
