ChainCatcher news, according to local news media reports, South Korea is expected to postpone the cryptocurrency capital gains tax by two years. According to the Korea Business Weekly, the left-wing Democratic Party, which holds a majority in the legislative body, has expressed agreement with the proposal for a two-year delay put forward by the government and the ruling People Power Party.

If approved, this would be South Korea's third postponement of the 20% tax (plus local tax of 22%) on cryptocurrency gains exceeding 2.5 million won (1,784 USD). The proposed delay will be voted on Monday in a full session of the National Assembly.

The Democratic Party previously pushed for the tax plan to take effect on the scheduled date of January 1, 2025, but with an increased tax-exempt threshold of 50 million won (35,714 USD), rather than the current 2.5 million won.