The South Korean National Assembly canceled today's plenary session due to disagreements over cryptocurrency tax issues

ChainCatcher news, according to Yonhap News Agency, the Strategic and Financial Committee of the South Korean National Assembly has canceled the scheduled plenary meeting. The main reason is that the ruling People Power Party advocates postponing the taxation of cryptocurrency for two years, while the opposition Democratic Party of Korea supports implementing it as originally planned.

According to the plan, South Korea will impose a 22% tax rate on cryptocurrency trading gains exceeding 2.5 million won. The Democratic Party of Korea proposed raising the tax exemption threshold from 2.5 million won to 50 million won, while the People Power Party believes that the current tax infrastructure is not yet完善, and that opportunities for asset appreciation should be provided for young people.

The cancellation of this meeting also affects the previously agreed proposal for the abolition of the financial investment income tax by the two parties. According to regulations, if the relevant bill is not passed by the Standing Committee before November 30, but is related to the budget proposal, it can still be submitted for consideration at this meeting.