South Korea's right-wing political party has proposed a three-year deferral to tax crypto gains. If approved, the implementation of the tax would be delayed from 2025 to 2028.
According to the description of the bill on the National Assembly's website, the proposal was introduced last Friday due to low investor sentiment in the crypto market and concerns about taxing a high-risk asset.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
The original plan to impose a 20% tax on cryptocurrency profits, which was to take effect on January 1, 2022, has already been delayed twice and faces opposition from investors and experts.
The right-wing People's Power Party, backed by President Yoon Suk-yeol, promised to delay the cryptocurrency tax in the last election.