According to South Korean media, the South Korean government has postponed the implementation of 20% cryptocurrency to 2025 on July 21. Han Geng..
Cryptographic tax was delayed
According to the report, the government decided to postpone the implementation of cryptocurrencies for another two years, citing the lack of a proper investor protection system in addition to the current unfavorable market conditions.
The May Terra ecosystem surrender reportedly caused some losses to domestic investors. South Korean exchanges have increased investor losses due to a lack of uniform response to the crisis.
The report added that the “Digital Asset Framework Act” will come into force in 2025, when the tax will come into effect. The new framework will be adjusted to meet international standards with reference to US virtual asset-related regulatory reports released later this year.
Initially, a 20% crypto tax was scheduled to take effect in January 2022. However, South Korean lawmakers have chosen to postpone the implementation until 2023 and are still transitioning to 2025.
Korean regulatory efforts
South Korea has stepped up its cryptographic efforts since the collapse of Terra.
Prosecutors in Asian countries raided seven local crypto exchanges on July 20 to seize transaction records and other materials that could help investigate the collapse of the network.
Apart from that, efforts are underway to strengthen the regulatory oversight of domestic cryptocurrency exchange operations.
Cryptographic taxation
Some governments are increasingly interested in taxing the crypto industry because of record growth over the last few years.
India has introduced some strict tax systems. This includes a 30% tax on cryptocurrencies that have had a serious impact on the trading volume of the country’s crypto exchanges.Report too clearly The government has no intention of reducing taxes on crypto transactions.
Cryptographic traders have rejected Thailand’s efforts to impose a 15% tax on Thailand.
US crypto traders are obliged to pay the Internal Revenue Service (IRS) up to $ 50 billion in unpaid taxes.
