* The People Power Party in South Korea has called for a two-year delay on cryptocurrency taxation until a framework that oversees these transactions, like the stock exchange, is established.
* The party views creating a comprehensive framework for crypto transactions as a prerequisite before taxing digital currencies.
* A representative of the party pointed out the absence of a mandated body to oversee cryptocurrency transactions, unlike the stock exchange.
* They believe taxing cryptocurrency should only happen once a supervised system is set up, forecasting a timeline of two years.
* The official also mentioned that tax implementation should safeguard the country’s property and citizens, critiquing some government sectors for their perceived negligence towards the cryptocurrency market.
Sayonara Crypto Tax! For now…
South Korea’s People Power Party Calling for a Time-Out
Can We Tax Now? Nope, Framework First!
So, the People Power Party in South Korea is playing the cryptocurrency market parent and saying, “kids, we’re not going to tax your magical internet money until we have a solid game plan”. It seems they’ve got a point. With no effective referee to scrutinize these digital shenanigans yet, they are advocating for a “system-establishment time-out”, which would last for about as long as it takes to binge-watch all episodes of Friends. Twice.
Cryptocurrency Negligence: A Real “Central” Issue
Let’s be real, taxation is about as popular as a wet Monday, but the party insists it’s necessary for the country’s wellbeing. They’ve even thrown a little side-eye at their governmental colleagues, accusing them of neglecting the importance of tackling the crypto-market for the nation’s well-being. Because, apparently, country’s safety matters more than making a quick Won (or Bitcoin) out of the crypto boom.
I say, “Good on you, People Power Party! Stir up that pot. Let’s do our homework before we jump into the murky waters of crypto taxation”. In the meantime, cryptocurrency enthusiasts, enjoy your tax-free ride. But remember, the taxman cometh… eventually. #CryptoDelay #PeoplePowerParty #TaxTimeOutOriginal article: https://cointelegraph.com/news/crypto-tax-south-korea-2-year-delay
