South Korea has pushed back the implementation of a tax on crypto assets to 2027, sparking debate among politicians and experts.
Planning New Crypto Asset Tax
Recently, South Korean media Money Today reported that the government is delaying the crypto asset tax until 2027. Park Chan-dae, a leader of the Democratic Party, mentioned the need for an enhanced regulatory environment before implementing the tax.
Arguments For and Against the Delay
Park Chan-dae noted that the delay allows for necessary institutional changes. The opposition, People’s Power Party, had suggested postponing the tax until 2025, while raising the tax threshold to 50 million won.
Impact on South Korea's Crypto Market
The tax delay could lead to greater adoption of digital assets in South Korea. The Korea Financial Intelligence Unit reported a significant increase in active users on registered crypto exchanges.
Experts believe the postponed tax bill will provide South Korea with additional time to prepare the necessary infrastructure and strengthen its economy through cryptocurrency.
