Yoon Seok-yeol, who was elected in March as president of South Korea, intends to postpone the taxation of cryptocurrencies until the country develops general regulations for the crypto industry.
In his opinion, first it is necessary to adopt the Digital Asset Basic Act with prescribed measures to protect consumer rights in the event of hacker attacks, system errors and unauthorized transactions.
Initially, a 20% tax on profits from trading in virtual assets exceeding 2.5 million won (around $2,118) was planned to be introduced from January 1, 2022.
Despite the support of the government’s plans from citizens, in September last year, parliamentarians from the ruling Democratic Party voted to delay it for a year and in October, representatives of the opposition Power of the People party made a similar proposal.
