South Korea Delays Introduction of Taxes on Crypto Trading

The new president of South Korea, Yoon Suk-yeol, said in May he would not rush to introduce taxes on the cryptocurrency market.

According to him, before the introduction of fees, it is necessary to consult with businesses and experts on this issue because the state is not interested in creating obstacles to the introduction of digital currencies and innovations.

The income tax rate for crypto traders, which will come into force not from 2023, but from 2025, should be 20%.

Government officials have said that the crypto market has entered a stage of stagnation. Investors suffer losses and it is necessary to create conditions for their protection.

If the state quickly introduces a tax, then the pressure on the holders of digital currencies will increase, and they will be forced to leave the market.