South Korean president Yoon Suk-Yeol has decided to hold up the cryptocurrency taxation by allegedly desiring to adopt a contrasting regulatory framework.
The incumbent president has decided to remain crypto friendly just as he is about to lift the ban on Initial Coin Offering (ICO) which was put in 2017. The move comes as part of a series of important actions that Yoon’s Presidential Transition Committee will be working on to continue remaining friendly toward digital assets.
The purpose behind doing this is to provide an apt environment for individuals to trade digital assets with comfort. The pause in planned taxation can be attributed to an absence of a proper taxation system, while also including fitting measures which are meant to protect investor interest. South Korea is presently the latest country that has embarked on the journey to reform digital asset regulations by relaxing them further.
The approval of the ICO is only one of the other 110 tasks that the Presidential Transition Committee has decided to do. Regulatory measures along with plans have been distributed into two parts, one that differentiates securities from non-securities.
It has been said by Choo Kyung-ho, the to-be confirmed nominee for deputy prime minister and finance minister, that the taxation from 2025 can be predicted to be a lot more crypto-friendly. It might be the case as a clear and concrete legally accepted definition of cryptocurrency assets is going to be released soon.
“There is a need to prod more funds to flow into the stock market by putting off a capital gain tax on financial investments and lowering a stock transaction tax,” Choo remarked about the stock markets of the country.
The currently proposed bill will shortly be observing and assess the listing and insurance processes of digital assets.
