Deputy Prime Minister and Minister of Finance Hong Nam-ki revealed that the taxation measures for crypto would begin in 2022, not later this year, as initially planned.
This postponing is a result of an increasing demand from lawmakers to delay the implementation so that it won’t interfere with the presidential election of next year.
Yoo Gyeong-joon, from the main opposition People Power Party, declared:
“No cross-border cooperation measures are in place on taxation on crypto trading gains. It simply is unfair taxation for users of local exchanges as opposed to those who trade overseas.”
Nam-ki commented:
“Any further delay in the already postponed enforcement will lead to the loss of public trust in government policy and undermine stability in the legal system. We have been preparing measures for taxation for the past two years. The new law governing the digital asset, coupled with a revision to the existing one provides sufficient grounds for the government.”