South Korea’s Ruling Party Proposes 3-Year Delay on Crypto Gains Tax Implementation

South Korea’s ruling People’s Power Party has proposed delaying the country’s tax on crypto trading profits. On July 12, the party submitted the proposal, highlighting a negative sentiment towards crypto assets. The proposal stated that rapidly imposing taxes on virtual assets is “not advisable at this time.” The party argued that crypto assets have higher risks compared to stocks, and imposing income tax could drive investors away from the market. Originally, the tax on cryptocurrency gains was set to begin on Jan. 1, 2025. However, if the proposal is approved, the implementation will be postponed until Jan. 1, 2028. As