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South Korea Delays 20% Cryptocurrency Tax for Two Years to 2025

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Today’s Cryptocurrency Headline

South Korea is delaying its planned crypto tax on digital assets for another two years, Ministry of Economy and Finance tax policy chief Ko Kwang-hyo announced on Thursday. South Korea initially planned to impose a 20 percent tax on cryptocurrencies from early 2022, but the plan was delayed until 2023 due to backlash from investors. Ko’s announcement was part of the new economic policy roadmap under President Yoon Suk-yeol, who has previously said that the crypto tax should be introduced after preparing sufficient market infrastructure. The roadmap reiterated that the upcoming “Digital Assets Basic Act” will regulate issuance and listing of cryptocurrencies.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShare, digital asset investment products saw outflows totalling US$39m with total assets under management (AuM) now at their lowest point since February 2021, at US$36bn, down 59% from the November 2021 peak. Bitcoin is up 4.15% over the last 24 hours and rose to an intraday high of $21,044.25. The largest cryptocurrency has experienced massive volatility during the weekend and the bulls are attempting to sustain the price above $20,000. The relative strength index is still below the oversold, but it has increased from 20 to 29, indicating that the bearish momentum may be weakening. For now, sustain the price above $20,000 in order to improve market sentiment. 

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