The South Korean National Assembly Research Service (NARS) said in a research issued on Thursday that a 20% tax on crypto earnings planned for 2023 must keep a 2.5 million won threshold, opposing incoming President Yoon Suk yeol’s proposal to raise the maximum to 50 million won.
Promise by South Korea president over crypto tax
Yoon promised voters when he entered the race that he would raise the tax threshold on cryptocurrency earnings to 50 million won, to equal that of stock gains.
According to our sources, one of the particular things Yoon promised following his victory in March was reducing tax rules on crypto investment income.
Not pushing to 2025
The Assembly’s report also indicated that the cryptocurrency tax implementation date which was, January 1, 2023, should not be pushed back to 2025. The country’s deputy prime minister and finance minister candidate, Choo Kyung-ho, urged in early May.
