Korean Lawmakers Push to Repeal Imminent 22% Cryptocurrency Tax

BlockBeats News, March 19th, according to The Block, South Korea's major opposition party has proposed a bill to cancel the local digital asset tax plan scheduled to be implemented in 2027, aiming to amend the Income Tax Law and completely waive taxes on cryptocurrency gains. The bill was initiated by Song Eon-seok.

South Korea currently plans to impose a 22% tax on profits from cryptocurrency transactions exceeding 2.5 million Korean won (approximately $1,665), including 20% national tax and 2% local tax. Due to strong opposition from the industry and investors, this tax scheme was initially set to be implemented in 2022 but has been postponed multiple times.