South Korea’s Prime Minister Nominee to Revisit Crypto Tax Law

Vocal supporters of cryptocurrency in South Korea have greeted the proposed crypto tax law with opposition.

This has prompted the newly nominated Prime Minister of the country, Kim Boo-Kyum, to say he would be revisiting the controversial crypto tax law. That said, the new tax law is expected to take effect by next year, in January.

A leading government official, Eun Sung-soo, the chairman of South Korea's Financial Services Commission, had described cryptocurrencies as assets without intrinsic value. This view had generated heated comments from crypto enthusiasts in the country who went ahead to submit a petition calling for removing Eun to the legislative arm of government.

However, the nominated prime minister tried to allay fears of the country's crypto community in his statement, saying that the chairman's words might have been misconstrued.

Aside from Eun, another top official of the Korean government Lee Ju-yeol, has been criticizing the digital currency industry. He has never subscribed to the idea of cryptocurrencies while also referring to the current bull market as "abnormal."

South Korea, in recent times, has adopted a number of policies that could be termed anti-crypto. The Asian country has announced plans to tackle illegal cryptocurrency transactions within its jurisdiction.

Financial regulators in the country have also amended their laws to allow businesses to report their crypto transactions and holdings in their financial reports.