BlockBeats news, on November 20, according to The Block, reported by Seoul News on Wednesday, South Korea's ruling party intends to advance the plan to tax cryptocurrency gains starting from early 2025, rather than approving further delays.
Initially, a 20% tax on cryptocurrency gains (22% for local taxes) was set to take effect on January 1, 2022. Due to strong opposition from investors and the industry, the plan has been postponed twice to January 1, 2025.
However, the party is revising the plan to raise the tax-free threshold for cryptocurrency gains below 2.5 million won (1,795 USD) to 50 million won (35,919 USD).