WORLDTECHSouth Korea's ruling party asks to postpone crypto tax by two years
According to one outlet, South Korea's ruling party is seeking to push back the planned crypto tax by about two years. Its leader argues that a comprehensive legal framework for digital assets should be in place first.
Leader wants framework enacted first
The Defiant reports that Kim Min-seok wants the Digital Asset Basic Act enacted before crypto taxation begins. The party leader describes the act as a comprehensive legal framework for crypto.
The same report says the ruling party has formally sought a delay of roughly two years while it awaits new digital-asset legislation and global tax-sharing rules.
Delay discussed, start date unchanged
A two-year postponement is under discussion, according to the report, yet the legal start date of the tax still stands for now. The reporting does not say when a final decision on timing will be made.
Supporters of the delay contend that it could strengthen market confidence and encourage investment and growth in the digital-asset sector, the report notes.
Open questions
- Will the National Assembly approve a postponement of the crypto tax?
- When will the Digital Asset Basic Act be enacted?