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The Korean Blockchain Association Requests Korean Government to Delay the New Crypto Tax Plan for the Next Two Years

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Oct 15, 2020
The Korean Blockchain Association Requests Korean Government to Delay the New Crypto Tax Plan for the Next Two Years

Just recently, it was announced by the government of South Korea that they were planning to introduce a new crypto-tax plan. As per the new plan, the 20% tax condition would be implemented on South Korean crypto-users with profits of more than 2.5 million KRW ($2,000).

However, the Korea Blockchain Association has made a request to the government of South Korea. In the request, the Korea Blockchain Association has called for the 20% tax implementation to be delayed for 2 years more.

On Oct 14, one of the prominent reporting channels, News 1 Korea, also reported the same. They informed that the Korea Blockchain Association has requested South Korean regulators to re-consider implementing the tax conditions. They have asked them to not apply the new crypto-tax policy till January 1st, 2023.

The Korea Blockchain Association has not expressed any disagreement or mentioned that they are against the 20% tax implementation. They have simply requested the South Korean regulators to hold the tax implementation because of the crypto-companies operating in the country.

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The Korea Blockchain Association (KBA) stated that they want the tax conditions to be implemented once the crypto-blockchain companies are all set to adopt the 20% crypto-tax condition.

One of the main reasons for the KBA requesting to delay the implementation is because of the short window between the old and new crypto-tax implementation. As per the South Korean regulations, the companies working in the crypto-industry can operate under the old crypto-tax regulations until September 2021.

However, the KBA stated that Korea’s Ministry of Economy and Finance has set the new tax conditions to be implemented on the 1st of October 2021. This implementation would give crypto-industries only 24-hours to adopt the new tax system. As per KBA, this will become very difficult for the crypto-industries to comply with the new regulations.

The Korea Blockchain Association has now left the ball in Korean Regulators’ court to see how they respond. However, it is being speculated that the regulators may not accept the request made by the cryptocurrency leads.

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