South Korea has brought the crypto tax back onto the table again.
According to PANews, South Korea’s largest opposition party is calling for a reconsideration of the virtual asset tax scheduled to take effect in January next year, arguing that the tax could push funds toward more crypto-friendly markets such as Hong Kong and Singapore. For local traders, if the tax burden is delayed or canceled, the costs of holding, realizing, and transferring assets would all be reduced, and trading volumes in South Korea might also be more likely to return.
However, at its core, this is still a political game. What’s worth watching next is whether the government will provide a clear, explicit policy on delaying the tax, and whether activity among crypto traders in South Korea’s domestic market will truly rebound.
If the tax arrangements are adjusted, do you think the first thing to be affected will be exchange trading activity, or the pressure of capital outflows?
Image 1: Opposition party pressures South Korea to postpone the crypto tax · Source: partial screenshot of the page
Image source: https://www.panewslab.com/zh/articles/01a0f18c-16ec-760e-b487-bfcb9a0cb1a1
According to PANews, South Korea’s largest opposition party is calling for a reconsideration of the virtual asset tax scheduled to take effect in January next year, arguing that the tax could push funds toward more crypto-friendly markets such as Hong Kong and Singapore. For local traders, if the tax burden is delayed or canceled, the costs of holding, realizing, and transferring assets would all be reduced, and trading volumes in South Korea might also be more likely to return.
However, at its core, this is still a political game. What’s worth watching next is whether the government will provide a clear, explicit policy on delaying the tax, and whether activity among crypto traders in South Korea’s domestic market will truly rebound.
If the tax arrangements are adjusted, do you think the first thing to be affected will be exchange trading activity, or the pressure of capital outflows?
Image 1: Opposition party pressures South Korea to postpone the crypto tax · Source: partial screenshot of the page
Image source: https://www.panewslab.com/zh/articles/01a0f18c-16ec-760e-b487-bfcb9a0cb1a1
