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South Korea’s Deputy PM affirms positive stance on cryptocurrency despite turmoil

Government’s positive outlook on crypto: Deputy PM Choi Sang-mok confirmed that the South Korean government has a positive view toward cryptocurrency despite political challenges, including the ongoing impeachment situation of President Yoon Suk-yeol that has created uncertainty and legislative pauses.

Pausing crypto legislation amid political uncertainty: Due to the political upheaval, lawmakers in South Korea have temporarily halted discussions on cryptocurrency legislation. This decision underlines the significant influence of the political climate on the crypto policy landscape and future regulatory frameworks.

Tax delays and new regulations for crypto: The introduction of cryptocurrency taxes has been postponed until 2027, allowing the government to better monitor regulatory progress in the crypto sector. Additionally, new regulations are being drafted to enhance consumer protection and clarify the legal framework for cryptocurrencies.

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