South Korea’s ruling party disagrees on the thorny issue of the cryptocurrency tax. The government could even face a secondary revolt as parts of the party want to delay or amend incoming tax laws.

As previously reported, the National Assembly has already given the green light to a change to the existing tax code, which will see a fixed rate of 20% on earnings from crypto taxes of more than $ 2,100 a year. If unchanged, this change will take effect on January 1, 2022.

But the ruling Democratic Party is wary of a backlash from angry voters between the ages of 20 and 39, the backbone of the party’s support, during next year’s presidential election. Crypto adoption among younger South Koreans has exploded this year, with some claiming that buying tokens is “no longer optional” for those who cannot afford to buy real estate.

The matter has been compounded by the fact that some traders claim that the measure is discriminatory, as stock market traders who invest in KOSDAQ shares are allowed to adhere to a threshold of US $ 42,000.

The Democratic Party’s internal crypto task force has sprung into action, as have party members opposing President Moon Jae-in’s administration, sparking nasty bickering in parliament.

When questioned on the matter, the nation’s Finance Minister Hong Nam-ki stated, according to Joongang Ilbo, that he was not willing to allow any delay, noting:

“The size of the [national] cryptocurrency market has grown to rival the size of the Korea Composite Stock Price Index (KOSPI). The issue of fiscal fairness is too serious to ignore. ”

Hong has been seen as the man with the last word in all things cryptocurrency. But with Moon forced to resign in the next election and Democrats on the ropes in opinion polls, that is likely to change in the spring of next year.

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