Korean lawmaker Min Byoung-duck proposes 5-year crypto loss carryforward
- —Min Byoung-duck seeks at least a 5-year carryforward for crypto losses
- —Example: a 10 million won loss then a 10 million won gain still triggers 1.65 million won tax
- —He cites the US and UK, which allow loss carryforwards
- —He proposes delaying the tax until the Digital Asset Basic Act and CARF are in place
Why it matters: Delaying the tax and allowing loss carryforwards would ease the burden on Korean investors and could shift the timeline for crypto taxation in the country.
Source: Bloomingbit