{"id":12043,"date":"2021-10-11T11:34:18","date_gmt":"2021-10-11T10:34:18","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=12043"},"modified":"2021-10-11T11:34:30","modified_gmt":"2021-10-11T10:34:30","slug":"south-korea-opposition-to-tackle-crypto-tax-law","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/south-korea-opposition-to-tackle-crypto-tax-law\/","title":{"rendered":"South Korean opposition party set to tackle the proposed crypto tax law"},"content":{"rendered":"\n
South Korea's opposition People Power Party <\/a>lawmakers have prepared a new challenge to the proposed crypto tax bill as they are seeking a one-year delay in the enactment of the law.<\/h5>\n\n\n\n
\"South<\/figure><\/div>\n\n\n\n

According to The Korea Herald, opposition MPs are pushing for a one-year delay in the country's implementation of crypto taxes.<\/p>\n\n\n\n

South Korea's crypto tax scheme\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, which will impose a 20% duty on cryptocurrency gains above 2.5 million Korean won ($2,100), will take effect in 2022, as previously reported by Cointelegraph.<\/p>\n\n\n\n

Aside from the one-year delay, MPs are also pressing for a multi-tiered tax on cryptocurrency, similar to the Financial Investment Income Tax regime planned to take effect in 2023.<\/p>\n\n\n\n

Instead of the government's 20 percent flat rate on profits over $2,100, the legislators propose a 20 percent flat rate on gains between 50 and 300 million won ($42,000 to $251,000) and a 25 percent flat tax on profits over 300 million won.<\/p>\n\n\n\n

Representative Cho Myoung-hee, speaking on the need to lessen the burden on crypto investors, said that a tax regime for cryptocurrencies should be aligned with the country's financial investment income tax<\/a>.<\/p>\n\n\n\n

The People Power Party's challenge to the crypto tax bill follows a similar action by Democratic Party MPs in September.<\/p>\n\n\n\n

However, an agreement reached between MPs and the country's finance minister is said to have put an end to any efforts to postpone the crypto tax law's implementation.<\/p>\n\n\n\n

South Korea's crypto tax policy is one of several stringent government laws <\/a>adopted in recent years that could affect the country's cryptocurrency economy in the future.<\/p>\n\n\n\n

The compulsory licensing requirement for South Korean crypto exchanges went into effect in September, forcing some smaller companies to shut down.<\/p>\n","protected":false},"excerpt":{"rendered":"

South Korea’s opposition People Power Party lawmakers have prepared a new challenge to the proposed crypto tax bill as they are seeking a one-year delay in the enactment of the law. According to The Korea Herald, opposition MPs are pushing for a one-year delay in the country’s implementation of crypto taxes. South Korea’s crypto tax […]<\/p>\n","protected":false},"author":12,"featured_media":10067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5058,5059,1712],"class_list":["post-12043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-tax-law","tag-opposition-party","tag-south-korea"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/Delaying-tax-laws-on-crypto-is-an-inevitable-situation-South-Korean-lawmaker.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=12043"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12043\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/10067"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=12043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=12043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=12043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}