Asia, governance vote, South Korea, south korea cryptocurrency, South Korea Financial Services Commission (FSC), south korea taxes, South Korean government

South Korean political parties are now battling to catch younger votes amid the tough stance among higher government spheres toward digital currencies. As voters are disappointed by how parties are handling the issue, one of them has taken a step forward by talking about the forthcoming crypto tax.

The Democratic Party’s Expectations on Cryptocurrencies

According to Dailian, South Korea’s Democratic Party members suggested that delaying the crypto taxation policy set to go live in 2022 should not be entirely discarded. The party, which is the ruling one in the country, believes a crypto tax is “premature.â€

Moreover, Koh Yong Jin, the Secretary of the ruling party of the National Assembly’s Strategy and Finance Committee, stated they’re contemplating ways to postpone the timing of the new financial rules on cryptocurrencies. “I’ll hear if it’s right to delay,†he said.

On the other hand, Jang Kyung-tae, the head of the National Youth Committee of the Democratic Party, pointed out that “the important thing is that virtual currency is recognized as a ladder of asset formation by young people in 2030.â€

At the end of April, both South Korea’s finance minister and Deputy Prime Minister angered once again domestic traders, insisting that cryptocurrencies are “not monetary or financial assets.â€

In South Korea, younger voters have been typically in favor of the Democratic party, instead of the People’s Power Party, which is the current political’s opposition force.

Power Party lawmakers have also accused the Democrats of betraying youngers with such crypto policies. The next presidential elections will take place in 2022.

South Korean People Aged 20-39 Are Actively Seeking to Remove FSC Chief

Comments came right after Eun Sung-soo, the head of the Financial Services Commission (FSC), added fuel to the fire, as he claimed that cryptocurrencies had no “intrinsic value†whatsoever.

In fact, as Bitcoin.com News recently reported, such statements sparked a massive wave of online petitions seeking the removal of the financial watchdog’s chief.

Interestingly and following the same line of the younger voters, two online petitions filled in the government’s website were primarily signed for people aged 20-39.

Early this year, the South Korean government issued an amendment to introduce a 20% tax on cryptocurrency trading profits from buying and selling activities, starting 2022. However, the rule is applicable only to crypto holders with an annual income of over 2.5 million won ($2,300).

What are your thoughts on the political maneuvers being made by the South Korean Democratic party? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

South Korean Police Officers Banned From Buying Cryptocurrency

A recent ban imposed by the South Korean National Police Agency will bar particular officers from purchasing additional cryptocurrencies. The announcement coincides with a report revealing a heightened domestic availability of digital coins, in comparison to the global marketplace. South Korea to Penalize National Police Agency Officers Who Fail to Disclose Crypto Holdings Officers with […]

Xem chi tiết: South Korean Police Officers Banned From Buying Cryptocurrency

Kazakhstan Is Preparing the Launch of a CBDC Pilot With Private Financial Companies

Central bank digital currencies (CBDCs) are steadily becoming a serious discussion among governments globally, with Kazakhstan as the latest country unveiling its plans. The National Bank of Kazakhstan is making preparations to launch a CBDC pilot program soon. The National Bank Released a Public Consultation Paper According to the announcement published on their website, the […]

Xem chi tiết: Kazakhstan Is Preparing the Launch of a CBDC Pilot With Private Financial Companies

South Korea to Impose a 20% Tax on Crypto Mining Activities

The cryptocurrency industry in South Korea keeps facing regulatory challenges, and it seems that dust is far from settling. Now, crypto miners will be required to pay taxes, following the same path as digital assets traders. Ruling to Take Place Starting 2022 According to a report published by Donga, miners should be accountable for paying […]

Xem chi tiết: South Korea to Impose a 20% Tax on Crypto Mining Activities

Vietnam Plans to Regulate Digital Currencies After Commissioning a Crypto Research Group

Vietnam is treading waters into the cryptocurrency industry, as the government recently commissioned a research group for the purpose. The Vietnamese Ministry of Finance is conducting an in-depth study of cryptocurrencies for regulation purposes. One Million Vietnamese Are Reportedly Crypto Users According to ASEAN Briefing, the ministry seeks to gather enough data to clearly see […]

Xem chi tiết: Vietnam Plans to Regulate Digital Currencies After Commissioning a Crypto Research Group

South Korean Police Raid Crypto Exchange Allegedly Involved in a $214M Multi-Level Marketing Fraud

Authorities in South Korea have launched a major raid against a domestic crypto exchange allegedly involved in a millionaire multi-level marketing (MLM) fraud. The police accuse V Global platform of running an illicit operation that reportedly stole hundreds of millions of dollars from investors. Masterminds Could Have Defrauded Over 40,000 People According to Yonhap, police […]

Xem chi tiết: South Korean Police Raid Crypto Exchange Allegedly Involved in a $214M Multi-Level Marketing Fraud

Young Koreans Less Keen on Crypto Taxation Than Older Generations, Poll Finds

Opponents of the government’s plan to tax gains from cryptocurrency trading outnumber supporters among South Koreans in their 20s, a new survey shows. Representatives of other age groups are more open to the proposed taxation of investments in virtual assets. Nearly Half of Young Koreans Reject Tax on Crypto Profits According to the poll, a […]

Xem chi tiết: Young Koreans Less Keen on Crypto Taxation Than Older Generations, Poll Finds

Beijing Is Collecting Data From Local Datacenters Involved in Cryptocurrency Mining Activities

Authorities in Beijing have been conducting checks on cryptocurrency mining datacenters to assess and understand its energy consumption and thus the impact on the electric infrastructure. Although it was reported as a rumor by international media outlets, Chinese state media confirmed it. Authorities Sent an ‘Emergency Note’ to Three Biggest Telecom Operators As first reported […]

Xem chi tiết: Beijing Is Collecting Data From Local Datacenters Involved in Cryptocurrency Mining Activities

Beijing Is Collecting Data From Local Datacenters Involved in Cryptocurrency Mining Activities

Authorities in Beijing have been conducting checks on cryptocurrency mining datacenters to assess and understand its energy consumption and thus the impact on the electric infrastructure. Although it was reported as a rumor by international media outlets, Chinese state media confirmed it. Authorities Sent an ‘Emergency Note’ to Three Biggest Telecom Operators As first reported […]

Xem chi tiết: Beijing Is Collecting Data From Local Datacenters Involved in Cryptocurrency Mining Activities

All 200 Cryptocurrency Exchanges Could Be Shut Down Under New Regulation in South Korea, Regulator Warns

South Koreans File Online Petitions Seeking to Remove a Chief Regulator After Harsh Crypto Comments

All 200 Cryptocurrency Exchanges Could Be Shut Down Under New Regulation in South Korea, Regulator Warns

South Korea’s Bitcoin ‘Kimchi Premium’ Reappears, Korbit and Bithumb Exchange Volumes Spike

Tax Authority Seizes Cryptocurrencies Worth $25 Million From Hundreds of Crypto Investors in South Korea

Former Employees From Major South Korean Firms Quit Their Jobs After Pocketing Millions in Crypto Profits

South Korean Government Seeks to Regulate International Remittances Related to Crypto ‘Kimchi Premium’

Crypto Fraud Reports in South Korea Surged Over 41% in 2020, Says Financial Watchdog