South Korea’s crypto tax on digital assets will be delayed for another two years, according to an announcement from tax policy chief Ko Kwang-hyo at the Ministry of Economy and Finance. Originally, the 20% tax on crypto-asset gains was set to begin on January 1, 2023. However, as a result of the announcement, the date has been pushed back to January 2025.
President Yoon Suk-new yeol’s administrative-economic policy roadmap includes Ko’s announcement. Yoon previously stated that a crypto tax should be implemented after sufficient market infrastructure is in place.
According to the roadmap, the upcoming “Digital Assets Basic Act” will regulate the issuance and listing of cryptocurrencies. The date of January 1, 2023 was originally scheduled for 2022, but it had to be pushed back due to investor outrage.
Investors argued that the crypto tax would have a significant impact on the newly formed crypto industry. They claimed that the threshold was too low, given that a stock market tax plan would apply to capital gains exceeding 50 million KRW (US$39,475.76).
Along with the crypto tax, a 20% tax on capital gains exceeding 50 million Korean won (US$38,624.95) from stock trading has been delayed until 2025. The original start date was January 20, 2023.
According to a recent Blockchain.News report, Layer-1 blockchain protocol Solana has launched a $100 million fund to support startups in South Korea’s Web3.0 ecosystem through its subsidiaries Solana Ventures and Solana Foundation. The fund will focus exclusively on GameFi, Non-Fungible Tokens (NFTs), and Decentralized Finance (DeFi) in South Korea.
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Despite gaining undue popularity as the host nation of Do Kwon’s defunct Terra protocol, Solana has looked beyond its problems to support the industry’s expansion.
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