South Korea's largest opposition party, the People Power Party, has proposed a bill that would completely abolish the cryptocurrency gains tax originally scheduled for implementation in 2027. Previously, South Korea was set to impose a 22% tax on cryptocurrency asset gains exceeding 2.5 million Korean 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 cryptocurrency assets should not be treated equivalently to securities.
South Korea's largest opposition party, the People Power Party, has proposed a bill that would completely abolish the cryptocurrency gains tax originally scheduled for implementation in 2027. Previously, South Korea was set to impose a 22% tax on cryptocurrency asset gains exceeding 2.5 million Korean 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 cryptocurrency assets should not be treated equivalently to securities.