According to a report by Seoul News on Wednesday, South Korea's ruling party plans to advance its plan to tax cryptocurrency gains starting in early 2025, rather than approving a further delay.

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-exempt threshold for cryptocurrency gains from 2.5 million won (1,795 USD) to 50 million won (35,919 USD).