South Korea has decided to postpone the implementation of the tax on crypto until 2027, instead of launching it in January 2025 as previously planned. This decision was made after the two major parties in South Korea, the Democratic Party and the People Power Party, agreed to delay the tax to ensure stability for the cryptocurrency market.
The purpose of the delay is to avoid causing concern among investors, as the 20% tax could reduce liquidity in the market. When the tax is applied in 2027, investors will have to pay a 20% tax on profits exceeding 2.5 million won.
In the first half of 2024, the crypto market in South Korea has seen significant growth, with daily trading volume increasing by 67%, reaching 6 trillion won, and the number of investors reaching 7.78 million people.
