South Korea's largest opposition party, the People Power Party, has proposed a bill to completely abolish the cryptocurrency gains tax originally scheduled to be implemented in 2027. Previously, South Korea was set to impose a 22% tax on cryptocurrency asset gains exceeding 2.5 million won (approximately $1,865) starting in 2025, which includes a 20% national income tax and a 2% local tax. Additionally, the bill cited guidance from the U.S. SEC classifying most cryptocurrencies as commodities, arguing that crypto assets should not be treated the same as securities. (TheBlock)
South Korea's largest opposition party, the People Power Party, has proposed a bill to completely abolish the cryptocurrency gains tax originally scheduled to be implemented in 2027. Previously, South Korea was set to impose a 22% tax on cryptocurrency asset gains exceeding 2.5 million won (approximately $1,865) starting in 2025, which includes a 20% national income tax and a 2% local tax. Additionally, the bill cited guidance from the U.S. SEC classifying most cryptocurrencies as commodities, arguing that crypto assets should not be treated the same as securities. (TheBlock)