According to ChainCatcher news and reports from Yonhap News Agency, the South Korean National Assembly's Strategy and Finance Committee has canceled the scheduled plenary meeting, mainly because the ruling People Power Party advocates delaying cryptocurrency taxation for two years, while the opposition Democratic Party of Korea supports implementing it as originally planned.
According to the plan, South Korea will impose a 22% tax rate on cryptocurrency transaction income exceeding 2.5 million won. The Democratic Party of Korea proposed raising the tax-exempt threshold from 2.5 million won to 50 million won, while the People Power Party believes that the current tax infrastructure is not yet complete and that opportunities for asset appreciation should be provided for young people.
The cancellation of this meeting also affects the proposal to abolish the financial investment income tax that both parties had previously reached a consensus on. According to regulations, if the relevant bill is not passed by the Standing Committee before November 30, but is related to the budget proposal, it can still be submitted for consideration at this meeting.
