South Korea’s crypto tax law faces significant opposition from cryptocurrency advocates.
Kim Boo-kyum, who was recently nominated as Prime Minister by South Korean President Moon Jae-in, said the country will examine the crypto tax law.
According to a report published by KBS World, the prime minister wants to ensure that he is not a victim of the crypto tax law that will come into force in January 2022.
Kim’s comments come amid growing opposition to the upcoming crypto tax regime. Tensions escalated further after South Korea’s Financial Services Commission head, Eun Sung-soo, argued that cryptocurrencies do not have any equity.
Eun’s comments, a common discourse among crypto critics, appeared before the National Policy Committee in early April. The FSC chief denied the need for subtle crypto regulations.
Crypto advocates were reportedly angry at Eun’s words. Commenting on Eun’s controversial remarks, the prime minister’s candidate Kim chose to soften the issue, stating that the FSC president probably intends to “cool the market down”.