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Home»South Korea’s Crypto Tax Proposal for 2025

South Korea’s Crypto Tax Proposal for 2025

November 24, 2024No Comments2 Mins Read
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The Democratic Party of Korea has confirmed its intention to introduce a 20% cryptocurrency taxation starting in January 2025. The new framework will impose a 20% tax with an extra 2% local tax levied on crypto profits exceeding the 50 million Korean won ($35,919) mark. This tax on profits from cryptocurrency was initially introduced in October 2021 during the tenure of former President Moon Jae-in. Originally set for 2022, the implementation was delayed twice in response to pushback from investors. The revised exemption limit represents a significant increase from the former threshold of $1,795, which was approved by South Korea’s National Assembly.

The updated framework aims to ensure that the majority of retail investors remain unaffected by the new tax rule. Furthermore, the proposal will allow taxpayers more flexibility as they can claim up to 50% of the total sale price as the acquisition cost in case investors don’t have accurate records. These updates were implemented to help stabilize the market and ease any investor worries.

Last year, the administration’s policy was set to be implemented in January 2023. However, the then-President Yoon Suk Yeol’s government pushed it back to 2025 amid threats that the introduction of the tax would overwhelm investors and cripple the market.

In June, South Korean officials from the Ministry of Economy and Finance proposed that the nation’s legislative assembly should consider stopping an income tax wholly on crypto gains altogether. The proposal is one element forming part of the government’s move to wholly abolish the upcoming tax on financial investments, which includes both stocks and funds.

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Key legislative votes are coming up in November, with the Tax Subcommittee of the Strategy and Finance Committee scheduled to review the proposal on November 25. It will be followed by a plenary session vote, anticipated on November 26. The Democratic Party of Korea is working to finalize the framework ahead of its planned rollout. For now, South Korea is striking a balance between protecting its investors and regulating their market.

Crypto Koreas Proposal South Tax
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