South Korean lawmakers push to abolish crypto tax
The South Korean government planned to introduce a 22% capital gains tax on crypto transactions starting in 2022. However, a group of lawmakers in the country's National Assembly is now pushing for a complete repeal of this tax.
According to the legislators, crypto investors would be unfairly taxed compared to investors in traditional financial instruments. They cite an earlier repeal of the tax on gains from such traditional assets as stocks and bonds.
The introduction of a 22% tax on crypto assets has sparked wide discussion in South Korea, one of the leading countries in terms of cryptocurrency trading volume. Many investors and industry participants have criticized this decision, arguing that it will negatively impact the development of the Korean crypto market.
Experts believe that the abolition of the new crypto tax will contribute to further growth of interest in digital currencies among South Korean investors. It may also have a positive impact on the overall perception of cryptocurrencies in the country and increase their competitiveness compared to traditional financial assets.