South Korea has delayed the introduction of a tax on cryptocurrencies until 2028

More than once, the revised proposal is awaiting approval from the government, which is expected to announce a proposed date for the introduction of a tax on profits from cryptocurrency investments during July.

The initiative was first announced in 2021, under which crypto investors whose profits exceed 2.5 million won (approximately $1900) a year were to be taxed at 20 percent.

At first, the country's lawmakers were preparing to introduce the taxation in October 2021, then a postponement to 2023 was made citing the 2022 presidential election and lack of tax infrastructure.

Recently, the government announced a new postponement until 2025, the reason being the poor economic outlook, which required additional time to prepare measures to protect investors. The government also expressed concern about the heavy tax burden under these circumstances.

South Korean President Yoon Suk-yeol emphasized the need for a clear legal system for cryptocurrencies before imposing a tax. He also called for a delay in taxing cryptocurrency transactions until the market matures and legislation is passed to ensure transparency and investor protection.

Undoubtedly, this approach is extremely respectful, because often the temptation to get money from crypto investors outpaces serious work on regulations.