South Korea's plan to tax cryptocurrencies, as announced on Thursday, has been delayed to 2025, while previously supposed to take place in 2023.
Chairman of the Tax Subcommittee, Kim Young-jin, has asked for the formation of stable crypto regulation before having a crypto tax policy, and with a new president, who is pro-crypto, Korea is hoping to establish this.
The plans remain unchanged to fee an increased 20% tax if, in a one-year duration, people have a crypto profit surpassing KRW 2.5 million ($1,900).
Several other countries have tried to impose a crypto gain tax, such as Thailand with a 15% tax and India with a 30% tax, which has not proven to be a smart decision, with trade plummeting and retail companies retaliating.
Adjusting to crypto usage will take some time but the most important thing is to approach this the right way. We have to learn to walk before we can run and South Korea has got an idea of how to do that.
