FSC

South Korea’s newly-elected president Yoon Seok-yeol announced Tuesday he would push to defer taxation on crypto investment gains at least until a new set of regulations called the Digital Asset Basic Act is enacted. South Korea’s crypto tax was initially set to come into effect for the 2022 fiscal year, but was pushed back to 2023 last December. E-daily reported that Yoon will ensure the crypto tax law does not come into effect until a reasonable legislation is in place to protect consumers, which could be by 2024. The president-elect’s presidential transition team has been exploring its options in delaying the tax since March, when Yoon won the election, on the grounds that there was insufficient legislation in place to justify levying taxes on digital assets. DABA was conceived of by th...