US Crypto Tax Delay Considered as Petition Gains Momentum in South Korea

The US House Ways and Means Committee is set to mark up a bill on crypto taxation on June 16th, according to Bloomberg. Under current IRS rules, cryptocurrency obtained through mining must be reported as income at its fair market value at the time it is received. However, the committee is considering pushing back the taxable moment to when the coins are disposed of.

This change would also classify the income as ordinary income rather than capital gains. Democrats oppose this change, arguing that it could create fairness problems relative to existing investments. They may revise the bill during deliberations.

In South Korea, a petition seeking a two-year delay in crypto taxation has gathered over 51,000 signatures on the National Assembly's public petition board. This is not the first time a petition opposing crypto taxation has cleared the threshold, but deliberations have made little progress so far.