Source: South Korea may postpone taxation of cryptocurrency gains again until 2028

Sources revealed that the South Korean government and the ruling party are considering postponing the inclusion of the tax on cryptocurrency investment profit in the tax revision proposal for next year. If the proposal is passed, the tax on cryptocurrency investment income will be postponed from January 2025 to January 2028. However, the general election will be held in April of that year, and participants in the pre-election period are likely to try to postpone the tax again. The government will announce the tax law revision for next year and confirm its position at the end of this month. During the Moon Jae-in administration, after the National Assembly passed the relevant tax law, it was planned to start taxing cryptocurrency gains in October 2021. Considering the presidential election schedule the following year, the implementation date was once postponed to January 2023, and it was postponed again to January 2025 during the Yoon Seok-yeol administration. The main reason each time was "concerns about the burden on cryptocurrency investors and market chaos." If the tax is postponed again as planned by the ruling party, the income tax collection on cryptocurrency profits will be postponed for more than six years, and some relevant people criticized that "tax policies are too influenced by taxpayers' opinions." (Economic Daily)