South Korean Presidential Candidates Discuss Crypto Tax Rule

South Korean presidential candidates have begun calling for changes to crypto tax rules to win over the younger generation

Local reports according to him, the controversial 20 percent crypto tax will determine the presidential elections in South Korea in March. The presidential candidates have called for changes to the law to attract millennials and Generation Z, who make up the bulk of the electorate.

Hong Joon-Pyo, a politician and presidential candidate of the country’s largest conservative party, is one of the candidates who have criticized this directive. He called the tax rule insensitive, adding that its introduction would set the industry back. Joon-Pyo is not the only Conservative MP who has criticised the directive.

Two others, Yun Chang-Hyun and Yoo Gyeong-Joon, have already proposed postponing the introduction of the crypto tax. Back in May, the candidate of the Democratic Party of Korea, Lee Jae-Myung, had argued that it was too early to consider the directive. Another Democratic Party lawmaker, Noh Woong-Rae, shared similar views, stating that crypto gains should be treated as income from financial assets.

The tax law should come into force at the beginning of next year, but since both sides want a delay, the adoption could be postponed. Young investors have spoken out against taxing cryptocurrency profits, and it’s fitting that both the Democratic and conservative sides want to delay the rule to win their support.

New York Companies Ask Governor to Reject Applications for Permits to Mine Cryptocurrencies

In the U.S., a group of local businesses has written to New York State Governor Kathy Hochul to oppose the conversion of old fossil-fuel-fueled power plants into crypto-mining facilities. Last week, the companies Letter in which they point out the environmental impact of the conversion of the Fortistar North Tonawanda and Greenidge Generating Station power stations into trenching facilities.

“Mining proof-of–work cryptocurrencies consumes enormous amounts of energy to power the computers needed to conduct the trades – should this activity expand in New York, it could drastically undermine New York’s climate goals set out under the Climate Leadership and Community Protection Act.”

The group further stated that converting the currently decommissioned fossil fuel power plants into mining sites would nullify the state’s progress in controlling gas emissions. The development comes against the backdrop of a report showing that New York is the most popular state for most Bitcoin miners. A report of the CNBC Broadcast Crypto Decoded New York State accounts for nearly one-fifth of the Bitcoin hashrate in the United States. Kentucky and Georgia follow with 18.7% and 17.3%, respectively.

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