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South Korea’s Ruling Party Seeks Cryptocurrency Tax Delay as Election Promise

The ruling People Power Party in South Korea is pushing for a two-year delay in the taxation of profits from cryptocurrency investments. This proposal is viewed as a possible pledge for the forthcoming general election set for April. The party’s objective is to first focus on creating a robust regulatory structure for cryptocurrencies before introducing taxation policies.

South Korea’s Ruling Party to Propose New Regulations

Reportedly, the conservative People Power Party plans to introduce a fresh set of regulations targeting the cryptocurrency sector during the upcoming legislative session, as per local media outlet Herald Business Daily.

The party’s strategy is to prioritize regulatory measures, thereby postponing the commencement of the cryptocurrency gains tax, initially slated for January 2025. With this proposal, the tax implementation would be delayed until 2027.

As part of their electoral campaign strategy, the ruling party is contemplating presenting a bill encompassing crucial aspects of potential cryptocurrency regulations. These regulations might entail mandates for crypto custodians and protocols for token listing.

If enacted, these regulations would complement South Korea’s existing crypto regulatory framework, which is set to take effect in July.

The People Power Party is on track to finalize its key election promises by the end of this month.

In a recent development, a representative from South Korea’s Ministry of Economy and Finance proposed that the country’s legislative body should discuss the potential elimination of income tax on cryptocurrency assets. This proposal aligns with the current administration’s agenda to revoke the planned tax on various financial investments, such as stocks and funds.

However, it appears that the People Power Party is not actively pursuing a complete abolition of the proposed cryptocurrency taxation, as reported by Herald.

In addition to advocating for a postponement of the tax, the party aims to align the cryptocurrency tax threshold with that of stocks. Presently, the tax plan imposes a 22% tax rate on crypto gains exceeding 2.5 million Korean won (approximately $1,875), whereas gains from stocks are taxed only when they exceed 50 million won.

South Korea to Mande Officials Disclose Crypto Holdings

In December of the previous year, South Korea announced that high-ranking public officials would need to disclose their cryptocurrency holdings starting from the following year.

The country’s personnel ministry emphasized that this proactive measure aimed to address potential conflicts of interest and enhance integrity within the public sector.

By mandating the disclosure of cryptocurrency holdings, the government seeks to uphold the highest ethical standards among public officials and prevent any potential conflicts stemming from their involvement in the crypto market.

This requirement is applicable to high-ranking officials across various government agencies and departments.

These officials will be required to report their cryptocurrency holdings, providing details of the assets they possess along with their respective amounts.

Meanwhile, Lee Bok-hyun, the head of South Korea’s Financial Supervisory Service, plans to visit the United States soon to discuss the cryptocurrency industry with Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC).

In particular, the official intends to engage in discussions with Gensler regarding spot Bitcoin ETFs.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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