According to Deep Tide TechFlow news, on November 26, the South Korean National Assembly's Strategy and Finance Committee canceled the originally scheduled plenary meeting, mainly because the ruling People Power Party advocates delaying the taxation of cryptocurrencies for two years, while the opposition Democratic Party of Korea supports implementing it as planned.
According to the plan, South Korea will impose a tax rate of 22% on capital gains from cryptocurrency transactions exceeding 2.5 million won. The Democratic Party of Korea proposed raising the tax-exempt allowance from 2.5 million won to 50 million won, while the People Power Party believes that the current tax infrastructure is not yet complete and that young people should be given opportunities for asset appreciation.
The cancellation of this meeting also affects the previously agreed proposal to abolish the capital gains tax on financial investments by the two parties. According to the regulations, if the relevant bill is not passed by the Standing Committee before November 30, it can still be submitted for discussion at this meeting if it is related to the budget proposal.