Decision and details:
The South Korean government has announced the postponement of the implementation of capital gains tax on digital assets until January 2026.
This tax was supposed to be imposed starting in 2025, but was postponed due to increasing pressure from the crypto community and investors.
Reasons for postponement:
1. Reforming the tax system:
The government wants to put in place a comprehensive framework that keeps pace with the rapid transformations in the digital market.
2. Infrastructure development:
The need to improve the tax tracking and processing system to ensure smooth implementation of the new law.
3. Encouraging innovation:
Deferring the tax may encourage investors to continue pumping money into the digital market, which will boost innovation in the sector.
Deferred Tax Details:
A 20% tax will be imposed on earnings over 2.5 million Korean won (about 1,850 US dollars) per year.
The tax includes all forms of digital assets, including cryptocurrencies and NFTs.
Expected impact:
1. On the local market:
The decision is expected to lead to a short-term rebound in trading activity within South Korea.
2. On financial technology:
Digital startups may benefit from the postponement in attracting more investment.
Sources: 📍
Odaily
Cointelegraph
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