South Korea’s crypto taxation system, which will see the application of a 20% fee on cryptocurrency revenues exceeding 2.5 million Korean won ($2,100), will go into effect in 2022. Aside from the one-year postponement, MPs are also pressing for a tiered tax charge on cryptocurrency, similar to the Financial Investment Income Tax system, which is due to go into effect in 2023.

Representative Cho Myoung-hee, remarking on the need to lessen the burden on crypto entrepreneurs, suggested that a taxation system for cryptocurrencies should be consistent with the country’s financial venture income tax.

Members of Congress from South Korea’s opposition People Power Party have created a rousing task force to study the proposed crypto tax bill. According to The Korea Herald, competing lawmakers are pushing for a one-year delay in the start of crypto tax inside the nation.

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