{"id":25900,"date":"2022-05-04T02:24:49","date_gmt":"2022-05-04T06:24:49","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=25900"},"modified":"2022-05-04T02:24:58","modified_gmt":"2022-05-04T06:24:58","slug":"south-koreas-new-president-delays-crypto-taxes-for-consumer-protection-legislation","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/south-koreas-new-president-delays-crypto-taxes-for-consumer-protection-legislation\/","title":{"rendered":"South Korea’s New President Delays Crypto Taxes For Consumer Protection Legislation"},"content":{"rendered":"\n
South Korea's newly elected president is demonstrating his crypto expertise by declaring that there will be no tax on crypto investment<\/a> gains until legislation can ensure consumer protections.<\/h5>\n\n\n\n
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South Korea<\/figcaption><\/figure>\n<\/figure>\n\n\n\n

Yoon Seok-yeol, South Korea's newly elected president, announced on Tuesday that he will push to postpone taxation on crypto investment gains at least until a new set of regulations known as the Digital Asset Basic Act is enacted.<\/p>\n\n\n\n

South Korea's crypto tax was supposed to go into effect in the fiscal year 2022, but it was pushed back to 2023 last December. According to E-daily, Yoon will ensure that the crypto tax law does not go into effect until reasonable legislation to protect consumers is in place, which could be by 2024.<\/p>\n\n\n\n

Since March, when Yoon won the election, the president-presidential elect's transition team has been exploring\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> options for postponing the tax because there was insufficient legislation in place to justify taxing digital assets.<\/p>\n\n\n\n

DABA was conceived this year by the Financial Services Commission (FSC) and includes a slew of consumer-protection laws. The act addresses token issuances, nonfungible tokens (NFT<\/a>), centralized exchange (CEX) listings, and international crypto finance, and includes a response to US President Joe Biden's executive order on crypto<\/a>.<\/p>\n\n\n\n

The FSC intends to introduce a crypto-insurance system via DABA as a safeguard against hacks, system errors, and unauthorized transactions.<\/p>\n\n\n\n

The contentious crypto tax legislation, which has been delayed yet again, would impose a 20% tax on crypto investment gains exceeding $2,100 per year.<\/p>\n\n\n\n

According to an FSC representative, “taxation of investment income from virtual assets should be done after investor protections are in place,” according to E-daily on Tuesday.<\/p>\n\n\n\n

Hashed CEO Simon Kim agreed that “it doesn't make sense to impose a tax on cryptocurrency before enacting relevant statutes, which clearly state the scope of cryptocurrency-related businesses and are a prerequisite for taxation.”<\/p>\n\n\n\n

“Without profound research on the industry and robust implementation strategies, promoting taxation on cryptocurrency can cause a variety of accidents and raise some serious issues in taxation equity because an investor protection system for cryptocurrency has yet to be implemented.\u201d<\/p><\/blockquote><\/figure>\n\n\n\n

While the FSC drafts new bills as part of DABA, Yoon intends to establish the Digital Industry Promotion Agency to serve as a clearinghouse for regulatory issues in the crypto industry.<\/p>\n","protected":false},"excerpt":{"rendered":"

South Korea’s newly elected president is demonstrating his crypto expertise by declaring that there will be no tax on crypto investment gains until legislation can ensure consumer protections. Yoon Seok-yeol, South Korea’s newly elected president, announced on Tuesday that he will push to postpone taxation on crypto investment gains at least until a new set […]<\/p>\n","protected":false},"author":33,"featured_media":25901,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,26],"tags":[7819,1837,4271,1712],"class_list":["post-25900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-cryptocurrencies","tag-crypto-regulation-2","tag-crypto-tax","tag-legislation","tag-south-korea"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/eb4caaf7157cf92a5aee60e9b019b7e9.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/25900","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\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=25900"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/25900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/25901"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=25900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=25900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=25900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}