Korean blockchain lobby calls for crypto tax plan to be put on ice
The Korea Blockchain Association wants the government to postpone the implementation of its new tax framework until 2023. The Korea Blockchain Association has called for the government’s new 20% crypto trading tax plan to be delayed for another two years.According to an Oct. 14 report from News1 Korea, the Korea Blockchain Association, or KBA, is requesting regulators postpone the South Korean government’s implementation of its long awaited new tax strategy until Jan. 1, 2023. The KBA doesn’t explicitly state it is against the 20% tax rate but said that crypto exchanges and companies in....
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The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets. Government Asks South Korean Crypto Sector for Regulatory Proposals Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin....
South Korean right-wing lawmakers have proposed a bill to abolish the taxation of crypto assets scheduled to take effect on January 1, 2027. A Long Chain Of Regulation Delays According to Korean outlet Digital Asset, Korea’s main opposition party the People Power Party is advancing a plan that would effectively abolish the dedicated 20% “crypto […]
Lee Kwang-jae, a South Korean lawmaker, recently stated that he will be accepting cryptocurrency donations starting mid-January 2022. According to the politician, this plan represents his attempt to raise awareness about cryptocurrencies and non-fungible tokens among South Koreans.
Donations to Be Converted Into Korean Won
A Korean lawmaker, Lee Kwang-jae, has said he will start accepting cryptocurrency donations sometime in mid-January of 2022. According to the lawmaker, anyone that wishes to sponsor his campaign will be able to do so by directly transferring funds to his....
South Korean lawmakers are expected to review their crypto tax plan after a petition to abolish the long-delayed framework surpassed the required signatories to be discussed in the National Assembly. Related Reading: Jane Street Accused of $192M Telegram Insider Trading Scheme Ahead of Terra Collapse Over 50,000 Koreans Sign Crypto Tax Petition As South Korean […]
South Korean banks are taking steps to bring cybersecurity to a new level as they try to keep up with fintechs and address new threats arising from their interaction with the crypto space. A number of institutions are adopting unprecedented measures including the integration of blockchain technologies, Korean media reported. South Korean Banks Boost Cybersecurity to Facilitate Digitalization Faced with challenges stemming from the digitalization of the financial sector, commercial banks in South Korea are stepping up their efforts to improve security in the cyberspace. According to a....