According to a report released on Thursday, the South Korean National Assembly Research Service (NARS) asserted that a 20% tax on cryptocurrency gains set for 2023 must maintain a 2.5 million won (US$1,942.20) threshold, contradicting new President Yoon Suk-initiative yeol's to raise the limit to 50 million won. According to the NARS Current Issues and Analysis report, digital asset gains should be classed as financial investment income and allow loss carryover deductions.

The report also confirmed that the crypto tax's start date of January 1, 2023, should not be pushed back to 2025, as Choo Kyung-ho, the country's deputy prime minister and finance minister nominee, requested early May.

https://twitter.com/BMDaily1/status/1524978092980244495

Yoon promised people during his election campaign that he would raise the crypto tax threshold to 50 million won, the same as stock gains. Yoon's presidential transition committee stated earlier this month that taxation would proceed following the passage of investor protection legislation, implying that there may be further delays. South Korea would impose a 20% tax on digital asset revenue over 2.5 million won on January 1, 2023. The tax policy was due to take effect on January 1, 2022. Still, critics said it was too soon given the lack of investor protection measures and was unjust because the tax on financial asset gains began at 50 million won.

S.Korean President's Plans to Hike the Crypto Tax Threshold Have Encountered a Snag

South Korean National Assembly Research Service (NARS) asserted that a 20% tax on cryptocurrency gains set for 2023 must maintain a 2.5 million won (US$1,942.20) threshold, contradicting new President Yoon Suk-initiative yeol's to raise the limit to 50 million won.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

S.Korean President's Plans to Hike the Crypto Tax Threshold Have Encountered a Snag

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