Yun Seok-yeol, who was elected President of South Korea in March, plans to insist on deferring the taxation of cryptocurrencies until the country develops common regulatory rules. He writes about Cointelegraph.

According to him, in order to protect consumer rights in case of hacker attacks, system failures and unauthorized transactions, the Digital Assets Basic Law (Digital Asset Basic Law) must first be passed with the prescribed measures.

It was originally planned to impose a 20% tax on gains from virtual assets in excess of 2.5 million won (~$2,118) effective January 1, 2022.

Despite public support for the government’s plans, in September 2021 parliamentarians from the ruling Toburo Democratic Party voted for a one-year delay.

In October, representatives of the opposition People’s Power party made a similar proposal. The deputies explained their situation with the unpreparedness of the financial infrastructure for the introduction of the tax.

The government fought back against attempts by lawmakers to approve the deferment, but in late November the relevant committee of the National Assembly voted for a bipartisan amendment postponing the introduction of taxation.

As a result, the authorities postponed the deadline to January 1, 2023.

As a reminder, in March 2022 FSC As part of its “rule of the road”, it required cryptocurrency companies to collect and share information about users who traded 1 million won ($817) or more. FATF.