S.Korean President's Plans to Hike the Crypto Tax Threshold Have Encountered a Snag

The report also confirmed that the crypto tax's start date of January 1, 2023, should not be pushed back to 2025, as Choo Kyung-ho, the country's deputy prime minister and finance minister nominee, requested early May.

Yoon promised people during his election campaign that he would raise the crypto tax threshold to 50 million won, the same as stock gains. Yoon's presidential transition committee stated earlier this month that taxation would proceed following the passage of investor protection legislation, implying that there may be further delays. South Korea would impose a 20% tax on digital asset revenue over 2.5 million won on January 1, 2023. The tax policy was due to take effect on January 1, 2022. Still, critics said it was too soon given the lack of investor protection measures and was unjust because the tax on financial asset gains began at 50 million won.