South Korea is set to postpone the introduction of a 20% tax on cryptocurrency income for the third time. This information appeared in local media.$XRP $DOGE $DOT

The left-wing Democratic Party of Korea, which holds the majority of votes in parliament, agreed to a two-year delay in the implementation of the tax. The proposal was put forward by the government and the ruling party 'People Power'. The new deadline will be considered at a plenary session of the National Assembly on Monday, December 2.

The 20% tax (22% including local tax) on cryptocurrency income exceeding 2.5 million won ($1,784) was originally planned to be introduced in 2021. It was previously proposed to raise the tax-exempt minimum to 50 million won ($35,714) starting January 2025, but lawmakers believed that tax reform requires further revision.