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South Korea’s Presidential Candidate: ‘Delay Crypto Tax’

South Korea’s Presidential Candidate ‘Delay Crypto Tax’
  • The Governor of Gyeonggi Province has spoken out on the crypto issue.
  • The Governor of Jeju Island wishes to debate the former Prime Minister about crypto.
  • South Korea decided to delay the launch of taxes until January 1, 2022.

The Governor of Gyeonggi Province has spoken out on the increasingly thorny issue of crypto tax this week. More so, Won Hee-Ryong, the Governor of Jeju Island wishes to debate the former Prime Minister about crypto last week.

It is to be recalled, Won bought USD 900 worth of Bitcoin and other coins to better understand the youth. As the 2022 election draws ever nearer, provincial governors keep on finding ways to strengthen their political positions. Also, as the nation’s crypto interest is not lost, more reason for politicians to make bold moves regarding it.

Of note, Seoul had originally planned to start taxing crypto trading profits of USD 2,100 or over. Moreover, this plan proposes a flat rate of 20% starting in October 2021. However, after exchanges asked for a plea, the government decided to delay the launch of taxes until January 1, 2022.

Nonetheless, this plan for crypto received criticism from younger South Koreans. This criticism has led many in the ruling party to hint a possible tax U-turn, even at this late stage.

By far, WowTV’s Lee Jae-Myung, Gyeonggi Province Governor, and one of the two leading candidates for the Democratic Party have called for a one-year delay to the launch of the tax.

On another note, Lee Jae-Myung, the former mayor of Seongnam, is around 5% points behind his major challenger. He stated that delaying the tax would result in a revised stock trading tax law in January 2023. Under Lee Jae-Myung’s governorship, the number of local stablecoin projects in the province which surrounds Seoul has expanded rapidly.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.