PANews reported on December 2nd that the South Korean National Assembly has reached a consensus to postpone the implementation of the crypto tax on latency until 2027, marking the third delay since the tax was first proposed in 2020. The largest opposition party, the Democratic Party (DP), stated that they will vote in support of the government’s extension plan at the full parliamentary session on December 2nd.
DP previously tried to promote an alternative bill proposing to implement a cryptocurrency tax as planned in 2025, but raising the annual tax threshold to 50 million Korean won (approximately $36,000) to achieve equivalence with the stock trading tax standards. However, the proposal did not receive support from the ruling party, the People’s Power Party (PPP). DP leader Park Chan-dae said that the decision on latency was made ‘after in-depth discussions’ and believed that ‘more institutional preparations’ are needed to ensure the perfection of the tax system.
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