South Korean president seeks to delay the crypto gains taxes
South Korean president shows his full support in favor of the crypto Investors through his plan against crypto tax legislation in South Korea.
South Korea is a crypto-friendly country, which has strict rules and regulations on the crypto companies to ensure the safety of investors, against illicit activities and manipulation in the price of crypto assets. In late 2021, the majority of the crypto exchanges were forced to stop providing crypto-fiat offerings. Right now around 4 crypto exchanges are allowed to provide full crypto-fiat offerings, while others are still limited to crypto-crypto pair services.
On 3 May, Yoon Suk, newly-elected South Korean president, announced that they are working to figure out the path to avoid the introduction of crypto tax rule on crypto investment gains.
The reason behind the plan of the Korean president to delay the crypto tax bill is exhibited in his efforts to ensure the safety and protection of crypto investors as a priority matter.
Yoon wants full clarity, on whether crypto investors are under the full safety region or not, under the current existing crypto regulatory framework.
Delay in Korean crypto tax bill
Initially, the crypto tax bill of South Korea was proposed to bring in effect in 2022 but the majority of the experts and politicians noted that there were huge issues associated with the that current situation.
One of the main issues that was raised against the crypto tax bill was the maturity of the crypto market. The majority of the people stated the crypto market is still in the initial phase of evolution and it is not mature enough like the stock & traditional money market.
If the Korean president will succeed in his effort then there are huge chances that the Crypto tax bill falls in 2024.
This situation is clearly showing that Koresn president is highly crypto-friendly and also he is working according to what he promised.
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