South Korea to Postpone Cryptocurrency Tax Imposition for Third Time

BlockBeats News, December 2nd, according to The Chosun Ilbo, the South Korean left-wing Democratic Party, which holds a majority in the legislature, has indicated agreement with the government and the ruling party, the People Power Party, on a two-year extension proposal.

If approved, this would mark South Korea's third postponement of the 20% tax (plus an additional 2% for local tax) on cryptocurrency gains exceeding 2.5 million Korean won (1,784 US dollars). The proposed extension is set to be voted on in a plenary session of the National Assembly on Monday.

The Democratic Party had previously pushed for the implementation of this tax plan on the scheduled date of January 1, 2025, but with the tax-free threshold raised to 50 million Korean won (35,714 US dollars) instead of the current 2.5 million Korean won.