The proposal is in line with new President Yoon Suk-yeol’s view that taxation on crypto earnings should come after the market infrastructure is in place.
In a tax reform introduced on Thursday, the South Korean government proposed to postpone the planned 20% tax on crypto earnings for two years. If accepted, crypto earnings in South Korea will be taxed from 2025.
The tax plans for the digital asset sector were originally to kick in from January 2022. But in December 2021, the previous government deferred it for a year after massive backlash from investors. The digital asset taxation issue also figured in the Presidential poll campaigns early this year, in which the incumbent President emerged as a pro-crypto leader.
The Finance Ministry is planning to submit the bill related to the tax reforms in the National Assembly before September 2,
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