Google Analytics counts our visits, with cookies. No thanks turns it off and removes its cookies; in Europe, the UK, Switzerland and India, or wherever we cannot tell where you are, it stays off unless you accept. Cookie Notice

Advertise
PRICES
BTCETHSOLXRPBNBTONDOTLTCPOLHBARNEARARBUNI
Back to NewsFeeds

Yoon Sang-hyun says clear crypto tax standards needed as levies delayed three times

NewsFeeds update

People Power Party lawmaker Yoon Sang-hyun told a National Assembly forum that virtual assets need clear tax standards, noting plans to start taxing them in 2022 were postponed three times. He said such assets may be a last ladder of hope for young people facing high home prices, a tough job market and low wages.

RegulationCoinNessAINeutral

Read the original on CoinNess

The story so far: South Korea crypto tax delay debate

South Korea's virtual asset tax, postponed three times since 2020, is under debate, with exchanges and lawmakers seeking another delay. Lawmaker Yoon Sang-hyun said clear tax standards are needed, noting the three postponements.

  1. South Korea to meet five major crypto exchanges on 20 Oct over virtual asset tax

    South Korea's government will meet Upbit, Bithumb, Coinone, Digital X, GOPAX and DAXA on 20 Oct to hear views on a virtual asset tax due next year, which would levy 22% income and local tax after a 2.5m won exemption. The policy has been postponed three times since 2020, and the industry wants another delay.

    RegulationPANewsAIBearish

  2. South Korean exchanges push for further delay to crypto tax

    South Korea's finance ministry officials were due to meet major exchanges, including Upbit, Bithumb and Coinone, to discuss the crypto tax, which has been delayed three times, most recently to 2027. Democratic Party lawmaker Park Min-gyu has proposed starting the levy in 2029.

    RegulationOdailyAIBullish

  3. South Korea's virtual-asset tax may slip again before 1 January start

    South Korea's planned virtual-asset tax, due to start on 1 January, could be postponed again, The Asia Business Daily reported. The Ministry of Economy and Finance is due to attend a ruling-party parliamentary forum on 2 November to discuss the regime.

    RegulationCoinNessAIBullish

  4. South Korea's PPP says it will seek deal with Democratic Party on digital asset taxation

    South Korea's People Power Party will seek agreement with the ruling Democratic Party on taxing virtual assets, deputy policy chief Park Soo-young said on 21 Oct. He said the outcome is hard to predict because the Democratic Party has not made its position party policy.

    RegulationCoinNessAINeutral

  5. South Korea's Blue House leans towards fourth delay of 22% crypto income tax

    South Korea's Blue House is leaning towards postponing the virtual asset income tax due to start on 1 January 2027, which would be its fourth delay, though it says no decision has been made. Ruling party lawmaker Park Min-kyu has proposed pushing taxation to 2029, and the opposition People Power Party also backs a delay.

    RegulationPANewsAIBullish

  6. Park Soo-young calls for quick confirmation of crypto tax delay

    Park Soo-young urged swift confirmation of the crypto tax delay, saying rules and systems must be put in place first.

    RegulationBloomingbitAINeutral

  7. KSOI poll finds 41.6% back Korea's planned crypto tax, younger respondents favour delay

    A Korea Society Opinion Institute survey found 41.6% of respondents want the digital-asset gains tax, due next year, implemented as planned, while 35.1% want a delay and 23.3% were unsure. A majority of respondents in their 20s and 30s favoured postponement.

    RegulationCoinNessAINeutral

  8. South Korea's ruling party to meet five crypto exchanges on tax delay

    South Korea's ruling Democratic Party will meet representatives of Upbit, Bithumb, Coinone, Korbit and Gopax on Friday to discuss postponing the crypto tax due to start in January 2027. The party has proposed moving implementation to 2029, citing insufficient infrastructure and difficulty obtaining transaction data.

    RegulationPANewsAIBullish

  9. Yoon Sang-hyun says clear crypto tax standards needed as levies delayed three times

    People Power Party lawmaker Yoon Sang-hyun told a National Assembly forum that virtual assets need clear tax standards, noting plans to start taxing them in 2022 were postponed three times. He said such assets may be a last ladder of hope for young people facing high home prices, a tough job market and low wages.

    RegulationCoinNessAINeutral

More Regulation updates

  1. Crypto tax rules should be refined after implementation, not only delayed

    RegulationBloomingbitAINeutral

  2. OKX CEO Star urges exchanges to cooperate on security

    RegulationOdailyAIBullish

  3. Min Byoung-dug says South Korea should pass digital asset law before crypto tax

    RegulationCoinNessAIBullish

Every Regulation update on NewsFeeds

Every update is a short rewrite, by AI in our own words, of a flash from the outlet named on it, credited and linked. Updates are joined into one story by AI; our editors can change a story’s name or take an update out. Not investment advice.