The president-elect of South Korea, Yoon Suk Yeol, intends to press for delaying the taxation of cryptocurrencies until the country develops a comprehensive regulatory framework. Cointelegraph reports.
He argues that, first, a Digital Asset Basic Act should be enacted, with provisions to protect consumers in the event of hacking, systemic errors and unauthorized transactions.
20% tax on profits from trading virtual assets exceeding 2.5 million won (~$2,118) was planned to take effect on January 1, 2022.
Despite the support for the government’s plans among citizens, in September 2021 lawmakers from the ruling Democratic Party of Toburo voiced opposition to the one-year delay.
In October, a similar proposal was introduced by representatives of the opposition party, the People Power Party. Lawmakers explained their position as due to the fiscal infrastructure not being ready for the tax.
The government rejected attempts by lawmakers to approve the postponement, but at the end of November the relevant committee of the National Assembly voted for a bipartisan amendment delaying the introduction of the tax.
Ultimately, authorities moved back the deadlines to January 1, 2023.
In March 2022, the FSC to collect and share information about users making transactions worth 1 million won (~$817) or more under the FATF Travel Rule.
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