S.Korea Ruling Party Lawmaker Calls for Cryptocurrency Tax Delay

Yang Hyang-ja, a lawmaker with ruling Democratic Party, urged government to delay introduction of tax on gains from cryptocurrency trading in 2022 as more preparation is needed.

• Taxation without sufficient preparation could cause confusion in the already volatile market, Yang said on her Facebook
• Another lawmaker Hong Ihk-pyo said in a party meeting that policy support for virtual asset market participants is needed and protecting them from illegal trading and money laundering should be considered
• The lawmakers’ comments came after cryptocurrency investors complained about recent remarks of Financial Services Commission Chairman Eun Sung-soo
  • Eun last week told lawmakers that ~200 ...