The ruling party argued it would take two years to establish a system that oversees crypto transactions, similar to the stock exchange.
The People Power Party — South Korea’s ruling party — has started a push to delay crypto gains taxes for another two years as part of its campaign promises for the upcoming general election in April.
Local media outlet the Herald Business Daily reported that the political party shared its stance that creating a general framework for crypto is a must before diving into taxation. The party believes that taxing crypto should only be possible once this base framework has been established.
A representative from the party also highlighted that the tax base has not yet been established. Unlike the stock exchange, the official explained that no entities are mandated to oversee crypto transactions. The party believes two years is necessary to establish such a system. The ruling party official also said that taxation should protect the country’s property and the lives of its citizens, stating that some aspects of the government have neglected the crypto market so far.
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Source: https://cointelegraph.com/news/crypto-tax-south-korea-2-year-delay