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South Korea’s crypto-tax plans in muddy, political waters now
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A subcommittee under South Korea’s National Assembly again discussed delaying a crypto-tax on 15 November. After multiple back and forth, the proposal for a 20% tax on crypto-trading gains is set to go live early next year, instead of 2023.
The ministry is facing mounting pressure as local reports claim that “people in their 20s and 30s have invested heavily in digital assets.” In fact, it has become a matter of political debate between the ruling Democratic Party of Korea (DPK) and the opposition.
On the contrary, the wealthy in South Korea seem to be unaffected by the upheaval. A recent report found that 70% of the country’s rich would not look at cryptos as an investment option and would instead, choose stocks for long-term gains.
The
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