South Korean ruling party pledges 2-year delay for crypto tax as elections loom
The ruling party argued it would take two years to establish a system that oversees crypto transactions, similar to the stock exchange.
The People Power Party — South Korea’s ruling party — has started a push to delay crypto gains tax for another two years as part of their campaign promises for the upcoming general election in April.
Local media outlet Herald Business Daily reported that the political group shared its stance that creating a general framework for crypto is a must before diving into taxation. The party believes that taxing crypto should only be possible once this base framework has been established.
A representative from the party also highlighted that the tax base has not yet been established. The official explained that, unlike the stock exchange, there are no entities mandated to oversee crypto transactions. The party argued that two years is necessary to establish such a system. The ruling party official also said that taxation should protect the country’s property and lives, and noted that there are aspects of the government that have “neglected” the crypto market so far.
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