South Korea officials delay plans for 20% crypto tax to 2023 - CoinDesk

South Korean regulators delay plans for a proposed 20% tax on crypto gains until 2023, CoinDesk Korea reports. Specifically, the tax pertains to crypto profits made in a one-year period over KRW 2.5M ($2,109), starting Jan. 1 of next year. In the meantime, lawmakers try to appeal to voters in their 20s and 30s, who are more likely to be crypto investors and therefore against the proposed tax, Deputy Prime Minister and Finance Minister Nam-ki says. It's uncommon to see lawmakers and financial regulators in dispute over proposed taxes, and to eventually postpone the plan, Korea Blockchain Association Director Harold Kim told CoinDesk. Meanwhile, Bitcoin (BTC-USD -1.6%) and Ethereum (ETH-USD -1.9%) extend losses from earlier this morning amid a broader stock market decline. Of course, the U.S. has some of its own tax-reporting provisions in the works, which has been grilled by crypto exchange Coinbase (NASDAQ:COIN), for example. Recall during