According to Herald Business Daily The People Power Party, which is now in power in South Korea, has proposed postponing taxing bitcoin investment gains as part of its electoral pledges. Prior to imposing taxes, they intend to create a thorough regulatory structure.
Consistent with the party’s position on “taxation after selection fee,” they suggest delaying the introduction of taxes until 2027, so prolonging the earlier delay from January 2023 to January 2025. In the 22nd National Assembly, a strong tax base for digital assets is intended to be established; hence, the delay.
A People Power Party official claimed that tax laws protect the resources and welfare of the general populace. They emphasized the risks of enacting legislation without a strong tax base.
The party’s position on delaying taxes was also covered. They clarified that there isn’t currently any efficient control of transactions such as those that take place on the stock exchange or when evidence of income is transferred to virtual asset businesses.
They suggested postponing any changes for at least another year, pledging to do so in preparation for the general election in 2030.
They also discussed impending laws pertaining to cryptocurrencycurrency, including specifications for cryptocurrencycurrency custody providers and rules for token listings. The first cryptocurrency regulations in South Korea, which are scheduled to go into effect in July 2024, will be supplemented by these rules.
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