South Korea’s President delayed the introduction of a tax on crypto investment gains

The decision was taken in order to protect the rights of consumers

04.05.2022 - 10:10

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What’s new? South Korea’s newly elected president Yoon Suk-yeol has said that he would push to delay the introduction of a tax on crypto investment gains until consumer rights are protected. This is reported by CoinTelegraph.

News on the CoinTelegraph website

What other statements have been made? Initially, the taxation of cryptocurrencies in South Korea was supposed to begin in the 2022 fiscal year. The authorities planned to impose a tax on income from cryptocurrency activities over 2,5 million South Korean won ($1975 at the exchange rate on May 4, 2022). However, the project was criticized by crypto lobbyists and was postponed until 2023. Now, according to Yoon Suk-yeol, taxes will not be levied until reasonable legislation is in place to protect consumers. Thus, the date for introducing taxation could be pushed back to 2024.

What events happened before? South Korean presidential candidates Lee Jae-myung and Yoon Suk-yeol held an electoral campaign on the local cable TV network MBN’s metaverse. The politicians created their own avatars and answered voters’ questions in an online format.

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