South Korean Ruling Party Leader Stresses Urgency Of Cryptocurrency Tax Decision

According to PANews, South Korea's ruling party leader, Han Dong-hoon, emphasized the urgent need to make a decision on cryptocurrency taxation during a parliamentary meeting on November 25. Han argued that virtual assets should be recognized as a legitimate means of wealth accumulation and a new hope for the younger generation, opposing the labeling of investments in cryptocurrencies and stocks as speculative. He highlighted the necessity of fair taxation while considering the interests of young people, which is a primary reason for his support in delaying the planned cryptocurrency tax. Han pointed out that the current tax system is not yet equipped to handle these taxes effectively. Previously, South Korea's main opposition party, the Democratic Party, proposed increasing the cryptocurrency tax exemption limit from 2.5 million won (approximately $1,795) to 50 million won (around $35,900) instead of delaying the taxation. The Strategy and Finance Committee is set to further discuss this matter on November 26.