The South Korean government is considering delaying the introduction of taxes on cryptocurrencies until 2028, citing concerns about negative public opinion and the lack of a clear legal framework.
According to local media, this move comes from the government wanting to appease public opinion, which has many mixed opinions about taxing cryptocurrencies. With more than 6 million Koreans participating in cryptocurrency investments by the end of 2023, the government is under great pressure to make a decision on this issue.
Experts say that applying taxes in the current gloomy market context could cause investors to withdraw, negatively affecting transaction volume.
Besides, the lack of a clear legal framework, specifically regulations on classifying cryptocurrencies and determining business types in the industry, is also one of the reasons why the government is considering delaying adoption. tax.
However, many critics say that delaying until 2028 because of concerns about public opinion could create a bad precedent, leading to further delays in the future.
If passed, this will be the third time South Korea has delayed taxing cryptocurrencies. Previously, the government had pushed back the tax deadline twice, from 2021 to 2023, and then to 2025.
However, the possibility of delay this time is still very high when Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok said the government is considering this issue because there is still time until the revised bill Tax laws are drafted.
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