In South Korea, the opposition Democratic Party proposed raising the crypto tax exemption to 50 million won (approximately $35,900). This move could attract additional capital to the digital asset market as sound regulations gradually take shape in the country.
Context of the Proposal
Currently, crypto tax exemptions in South Korea stand at just $1,795. The new proposal by the opposition party aims to create more attractive conditions for investors and increase investments in the digital sector.
Discussion in the National Assembly
According to a report by local media outlet Seoul Shinmun, the National Assembly’s Strategy and Finance Committee will discuss the DPK’s proposal on November 26th. Previously, the DPK expressed disapproval of the government's decision to postpone planned crypto taxation until 2027.
Views of the Ruling Party
The ruling People Power Party (PPP) recently stated that it is considering implementing crypto tax policies in 2027. The party wants to postpone taxing cryptocurrencies to allow the market to mature and give authorities time to establish comprehensive regulation.
The proposal to raise the crypto tax exemption in South Korea reflects a desire to create more favorable conditions for the digital market's growth and investment attraction. Implementing these changes could be a turning point for the country's crypto industry.
