Some South Korean lawmakers are pushing back against the ruling party’s plan to levy a 22% tax on cryptocurrencies.
Summary
- People Power Party has introduced a bill to amend the Income Tax Act and scrap the planned crypto gains tax ahead of its 2027 rollout.
- The proposed 22% tax on crypto profits above 2.5 million won has already been delayed three times amid continued political disagreement and industry pushback.
A bill introduced by the right-wing People Power Party on Thursday seeks to amend the Income Tax Act and fully abolish the planned taxation on cryptocurrency gains, according to local media reports.
The tax plan was originally introduced in 2020 by the…
