South Korean Crypto Tax U-Turn Looking Unlikely, Despite Outcry

South Korean Crypto Tax U-Turn Looking Unlikely, Despite Outcry

Despite the recent outcry about crypto tax among younger South Koreans, a new survey has found that most people in the country are actually in favor of imposing taxes on crypto traders’ profits.

Korean Crypto Tax Law | Financial Blockchain Appstore | Vitalik On ETFs

If the revision proposed to existing tax law passed, crypto exchanges in South Korea will no longer be qualified for tax subsidies.

On LedgerConnect, financial institutions will be able to access distributed ledger technology -based services in areas such as know-your-customer processes, sanctions screening, collateral management, reconciliation and market data.

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Crypto Tax Influences Korean Presidential Election

Candidates and possible contenders in South Korea’s next presidential election call for delaying a plan to tax virtual assets — currently scheduled to begin in January — in a bid to appeal to millennial and Generation Z voters.

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South Korea’s new president delays crypto taxes in favor of consumer protections

South Korea’s crypto tax was initially set to come into effect for the 2022 fiscal year but was pushed back to 2023 last December. E-daily reported that Yoon will ensure the crypto tax law does not come into effect until reasonable legislation is in place to protect consumers, which could be by 2024.

The president-elect’s presidential transition team has been exploring its options in delaying the tax since March, when Yoon won the election on the grounds that there was insufficient legislation in place to justify levying taxes on digital assets.

DABA was conceived by the Financial Services Commission (FSC) this year and entails a series of laws related to consumer protections. The act pertains to token issuances, nonfungible tokens (NFT), centralized exchange (CEX) listings, international finance as it relates to crypto and includes a response to United States President Joe Biden’s executive order on crypto.

Through DABA, the FSC plans on introducing a crypto-insurance system as a backstop measure against hacks, system errors and unauthorized transactions.

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