South Korea Debates Crypto Tax Bill Today: What to Know

• South Korea is set to discuss the potential implications of the crypto taxation bill in a meeting today.
• The bill, set to be implemented in January 2025, aims to levy tax on gains exceeding 50 million Korean won.
• Ruling party leader Han Dong-hoon pushes for a delay in implementing tax to address young investors’ demands.

South Korea’s National Assembly will discuss the crypto taxation bill today, November 25, at 14:00 KST, during a session of the tax subcommittee. Representatives from both ruling and opposition parties will review the bill’s potential implications.

The Democratic Party reintroduced the crypto taxation bill last week, initially proposed in 2021. It aims to tax crypto investors with gains exceeding a specified threshold. The original threshold of 2.5 million won ($1,791) caused concerns, leading to revisions. The updated proposal raises the tax-free limit to 50 million won (approximately $35,919) and sets a 20% tax rate on gains beyond this amount.

Conflicting Views on Implementation

Jin Sung-joon, Chairman of the Democratic Party’s policy committee, confirmed plans to implement the bill in January 2025, rejecting further delays. He…

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