South Korea’s Ruling Party Proposes Spot Crypto ETF Trading and Banking Reform

“In a situation where the relevant taxation infrastructure is not sufficiently established, the deferral of taxation on virtual assets is not an option, but an inevitable situation,” said Noh Woong-rae. Noh Woong-rae, a member of South Korea’s National Assembly and a representative of the country’s ruling party, reportedly plans to postpone a bill clarifying the taxation of crypto until 2023.According to a Thursday report from Naver News, Noh said the Democratic Party of Korea plans to push back against the intention of South Korea’s Ministry of Finance to tax virtual assets starting in....

The ruling party is planning to attempt a postponement of the crypto tax laws but the Finance Minister is not for turning. South Korea’s Minister of Strategy and Finance, Hong Nam-Ki has vowed that the controversial crypto tax code will come into effect on January 1st, 2022 despite moves this week by the majority Democratic Party to postpone it to 2023.The tax code will levy a 20% tax on income generated by crypto transactions in excess of 2.5 million KRW, or about $2100 USD.International media this week reported that the Democratic Party, which holds a slim majority in South Korea’s....

Lee Jae-myung, nominated by the ruling party in South Korea for the upcoming presidential elections this spring, is preparing to raise funds in cryptocurrencies and issue non-fungible tokens for supporters. His campaign hopes that the initiative will woo young and tech-savvy Korean voters whose interest in digital assets is growing. Ruling Party of South Korea to Collect Crypto Funds for Presidential Bid The Democratic Party of Korea, the country’s leading political force, is going to raise election funds through cryptocurrency and issue receipts to donors in the form of....

The crypto tax will begin for South Koreans in 2022 but some industry observers say there is no cause for concern. Lawmakers in South Korea settled a long political battle on Sept. 30th and headed off moves by the ruling party to delay the implementation of the controversial crypto tax legislation. In a meeting on the 26th but only reported yesterday, Finance Minister Hong Nam-ki and key Democratic lawmakers from the National Assembly, South Korea’s legislature, are said to have come to a final agreement that the crypto tax will be carried out as plannedThe Korean crypto tax will tax....

Opposition lawmakers are seeking a one-year delay in the enactment of the law as well as a lowering of the tax burden on crypto traders. Lawmakers belonging to South Korea’s opposition People Power Party have prepared a fresh challenge to the planned crypto tax law.According to The Korea Herald, opposition lawmakers are advocating for a one-year extension to the start of crypto taxation in the country.As previously reported by Cointelegraph, South Korea’s crypto tax regime that will see the imposition of a 20% levy on cryptocurrency gains above 2.5 million Korean won ($2,100) will come....