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South Korean Ruling Party Contemplates Postponing Crypto Tax in a Bid to Regain Younger Votes

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South Korean political parties are now battling to catch younger votes amid the tough stance among higher government spheres toward digital currencies. As voters are disappointed by how parties are handling the issue, one of them has taken a step forward by talking about the forthcoming crypto tax.

The Democratic Party’s Expectations on Cryptocurrencies

According to Dailian, South Korea’s Democratic Party members suggested that delaying the crypto taxation policy set to go live in 2022 should not be entirely discarded.A crypto tax, a notion that is ruling in the country, was found to be “premature.”

In addition, Koh Yong Jin, the Secretary of the National Assembly’s Strategy and Finance Committee, told the newspaper that the leadership is considering ways to delay the roll out of the new regulatory framework on cryptocurrencies.“I’ll hear if it’s right to delay,” he said.

On the other hand, Jang Kyung-tae, the head of the National Youth Committee of the Democratic Party, pointed out that “the important thing is that virtual currency is recognized as a ladder of asset formation by young people in 2030.”

At the end of April, both South Korea’s finance minister and Deputy Prime Minister angered once again domestic traders, insisting that cryptocurrencies are “not monetary or financial assets.”

In South Korea, younger voters have been typically in favor of the Democratic party, instead of the People’s Power Party, which is the current political’s opposition force.

Power Party lawmakers have also accused the Democrats of betraying youngers with such crypto policies. The next presidential elections will take place in 2022.

South Korean People Aged 20-39 Are Actively Seeking to Remove FSC Chief

Comments came right after Eun Sung-soo, the head of the Financial Services Commission (FSC), added fuel to the fire, as he claimed that cryptocurrencies had no “intrinsic value” whatsoever.

In fact, as Bitcoin.com News recently reported, such statements sparked a massive wave of online petitions seeking the removal of the financial watchdog’s chief.

Interestingly and following the same line of the younger voters, two online petitions filled in the government’s website were primarily signed for people aged 20-39.

Early this year, the South Korean government issued an amendment to introduce a 20% tax on cryptocurrency trading profits from buying and selling activities, starting 2022.A few months ago, the South Korean government proposed to introduce a 20% tax on cryptocurrency trading profits starting 2022.

Nevertheless, the rule is only applicable to crypto owners whose annual income is over 2.5 million won.Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only.The South Korean Democratic party is making political maneuvers. What is your perspective on this?Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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 5/4/2021

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