CoinVoice has learned that the ruling party of South Korea plans to start implementing the plan to tax cryptocurrency profits from early 2025, instead of approving further delays, according to the latest report from Seoul News.

Initially, the 20% tax on cryptocurrency income (plus local taxes of 22%) was scheduled to take effect on January 1, 2022. Due to strong opposition from investors and industry experts, the plan has been postponed twice and is now set to take effect on January 1, 2025. According to local media reports, despite discussions and proposals for further delays, including suggestions to implement it starting from 2028, the Democratic Party of Korea (DPK) is still committed to implementing the tax plan on time.

However, the party is making amendments to the plan to increase the tax exemption limit for cryptocurrency earnings below 2.5 million Korean won ($1,795) to 50 million Korean won ($35,919). The Democratic Party plans to pass the amendment in the National Assembly's Tax Subcommittee on November 25 and in the full session on November 26. [Original Article Link]