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The South Korean Democratic Party "will defer taxation of virtual assets ... Handle bills in the regular National Assembly"
The ruling party has announced its intention to pass a bill that can suspend the taxation of virtual assets before January 1 next year. The ruling party clearly expressed its objection to the previous day, when Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki said in a question to the government in the economic field held at the plenary session of the National Assembly that it would tax virtual assets from next year as originally scheduled in consideration of the fairness of taxation. On the 16th , Rep. Noh Woong-rae of the Democratic Party of Korea said, "The deferral of taxation on ... (full story)
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Big.
— Joseph Young (@iamjosephyoung) September 16, 2021
South Korea's ruling party expressed their plans to delay the implementation of crypto taxation policy, that was supposed to be implemented in Jan 2021.
There were concerns with taxing Bitcoin, Ethereum, and other crypto assets without a well structured taxation policy.
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This expresses the government's intent to become more intentional in regards to implementing policies around crypto, and for that reason, I think is optimistic for the South Korean market, at least.
— Joseph Young (@iamjosephyoung) September 16, 2021