South Korea’s Ruling Party Seeks Cryptocurrency Tax Delay as Election Promise
South Korea’s ruling People Power Party is advocating for a two-year postponement of the taxation on gains from cryptocurrency investments.
The move is seen as a potential campaign promise for the upcoming general election scheduled for April.
The party aims to prioritize establishing a comprehensive regulatory framework for cryptocurrencies before implementing taxation measures.
According to local media outlet Herald Business Daily, the right-wing party intends to propose a new set of regulations addressing the crypto industry in the upcoming term.
By focusing on regulatory measures first, the party aims to delay the implementation of the crypto gains tax, which is currently slated to take effect in January 2025.
This proposed delay would push the tax plan to start in 2027.
As part of its election campaign strategy, the ruling party is considering introducing a bill that encompasses essential elements for potential crypto regulations.
These regulations may include requirements for crypto custody providers and guidelines for token listing.
If implemented, these regulations would supplement South Korea’s initial set of crypto regulations set to become effective in July.
The People Power Party plans to finalize its core election promises by the end of the month.
In a recent development, a representative from South Korea’s Ministry of Economy and Finance suggested that the country’s legislative body should discuss the possibility of abolishing income tax on crypto assets.
This suggestion aligns with the current administration’s initiative to scrap the planned tax on financial investments, including stocks and funds.
However, the People Power Party does not ostensibly explore a complete abolition of the proposed cryptocurrency
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