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The global regulation of cryptocurrencies continues, with taxation as a primary focus. The IRS in the United States has long been taking steps in this area, and many countries are clarifying their taxation policies. Recently, South Korea has made headlines regarding cryptocurrency tax. What are the latest developments concerning cryptocurrency taxation?
Cryptocurrency Tax Postponed
The recent announcement for Turkey indicated that tax regulations will not be implemented in 2024, with officials stating they have abandoned plans to tax exchanges and cryptocurrencies. However, South Korea was set to initiate cryptocurrency taxation next year. As previously reported, a 20% tax on cryptocurrency gains was aimed for implementation.
Originally scheduled to take effect on January 1, 2022, the tax faced strong backlash from cryptocurrency investors and support from opposition parties, leading to its postponement until January 1, 2025. Now, the National Assembly of South Korea has approved an extension of the cryptocurrency tax until 2027.
Political Influence of Cryptocurrencies
The power of cryptocurrencies in politics was prominently observed during the recent U.S. elections. As a result, policymakers are now racing to win over the massive community of cryptocurrency investors by taking their interests seriously.
Following the announcement, the price of Bitcoin 
$103,190 slightly rose to $97,450.
