Yoon Suk-yeol, who was elected last March as president of South Korea, intends to postpone taxes on cryptocurrencies until the country develops common regulatory rules.
According to him, before cryptocurrency trades can be taxed, it is necessary to adopt the Basic Law on Digital Assets with prescribed measures to protect consumers' rights in case of hacker attacks, system errors and unauthorized transactions.
Initially, a 20% tax on gains related to virtual asset trading exceeding 2.5 million won (about $2,118) was expected to come into force in January 1, 2022.
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However, in spite of the fact that the measure received public support, parliamentarians from the ruling Democratic Party voted in September last year to delay the implementation of the tax for one year.
In October, representatives of the opposition People Power Party made a similar proposal.