South Korean Opposition Moves to Scrap Planned 22% Crypto Tax
Opposition lawmakers in South Korea have submitted a proposal to abolish a planned 22% tax on cryptocurrency gains, intensifying debate over the policy’s future. The ruling Democratic Party responded that it has not yet reached a consensus on scrapping the tax but will review the new proposal, signaling potential talks ahead of any final decision.
The outcome matters for retail investors, exchanges and the broader crypto industry: abolishing the levy could revive trading activity and ease business concerns, while continued uncertainty may suppress market momentum until lawmakers clarify the legal framework. Lawmakers’ next steps and timing for parliamentary consideration will determine whether the tax is delayed, amended or dropped entirely, keeping market participants and industry groups attentive to legislative developments.