Deniz 
The right-wing political party of South Korea has a three-year delay on taxing bitcoin gains. Should the measure be approved, the nation’s crypto earnings will be taxed back starting in 2025 and extending until 2028.
“As of the moment, investor sentiment for crypto is negative; most investors are expected to leave the market if the country imposes an income tax on an asset that has higher risks than stocks,” the bill’s description on the South Korean National Assembly’s website read. The bill was proposed last Friday.
Originally set to take effect on January 1, 2022, a 20% tax on crypto earnings has been put back twice thus far due to strong investor and industry expert opposition. Jan. 1, 2025, is the new date.
Based on the right-wing People Power Party of South Korea, current President Yoon Suk-yeol promised in the last general election to reverse the crypto gains tax.
Local news sources claim that the Ministry of Economy and Finance of the nation has not decided regarding further delays in the crypto tax. At the end of this month, the government is supposed to reveal further tax code revisions.
One of the biggest and most active bitcoin markets in the world is hosted in this nation. The Financial Services Commission estimates that around 6.5 million people, or 12.5% of the national population, used cryptocurrencies at the end of last year. Kaiko data revealed that the most often utilized fiat money for crypto trading in the first quarter of 2024 was the Korean won over the U.S. dollar.
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