S.Korean President’s Plans to Hike the Crypto Tax Threshold Have Encountered a Snag

According to a report released on Thursday, the South Korean National Assembly Research Service (NARS) asserted that a 20% tax on cryptocurrency gains set for 2023 must maintain a 2.5 million won (US$1,942.20) threshold, contradicting new President Yoon Suk-initiative yeol’s to raise the limit to 50 million won. According to the NARS Current Issues and Analysis report, digital asset gains should be classed as financial investment income and allow loss carryover deductions. The report also confirmed that the crypto tax’s start date of January 1, 2023, should not be pushed back to 2025, as Choo Kyung-ho, the country’s deputy prime minister and finance minister nominee, requested early May. S.Korean president’s plan to raise crypto tax threshold hits road bump https://t.co/qHoMT3LKGV — Black Media Daily (@BMDaily1) May 13, 2022 Yoon promised people during his election campaign that he would raise the crypto tax threshold to 50 million won, the same as stock gains. Yoon’s presidential transition committee stated earlier this month that taxation would proceed following the passage of investor protection legislation, implying that there may be further delays. South Korea would impose a 20% tax on digital asset revenue over 2.5 million won on January 1, 2023. The tax policy was due to take effect on January 1, 2022. Still, critics said it was too soon given the lack of investor protection measures and was unjust because the tax on fi...