According to Wu, South Korea’s ruling Democratic Party plans to implement cryptocurrency gains tax from 2025 without further delay.
The tax exemption amount will be increased from 2.5 million won to 50 million won. The amendment will be submitted to the National Assembly's tax subcommittee for a vote on November 25 and submitted to the National Assembly for approval on November 26.
The move is intended to ease the burden on investors and allow taxpayers to use a certain percentage of the sales price as the acquisition cost in the absence of accurate purchase records amid high volatility in the crypto market.