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Crypto-related equities in South Korea experienced an uptick once more following the agreement among lawmakers to postpone the implementation of crypto taxation in the country by an additional two years.
After weeks of intense negotiations, the National Assembly has ultimately decided to vote in favor of a government-backed proposal that will delay the crypto tax launch to 2027, instead of January 2025.
Crypto-related Stocks: Supported by National Assembly Developments
Gangwondomin Ilbo reported that the prices of crypto-related stocks “increased in unison” on the morning of December 2, in response to the recent developments over the weekend.
Hanwha Investment & Securities share prices over the past five days on the Korea Exchange. (Source: Yahoo Finance)
Nevertheless, many of these price increases were short-lived, rising in the early hours and then slightly declining later in the day.
Hanwha Investment & Securities, which holds shares in Dunamu, the operator of the Upbit crypto exchange, experienced a surge in prices as soon as the Korean Exchange opened on December 2.
Both Hanwha Investment & Securities and Hanwha Investment & Securities Preferred Stock prices increased by 8% and 11% respectively.
Hanwha Investment & Securities Preferred Stock share prices over the past five days on the Korea Exchange. (Source: Yahoo Finance)
Woori Technology Investment, another minority shareholder in Dunamu, saw an increase of 8.66%.
Both Hanwha Investment & Securities and Woori Technology Investment focus on IT investments.
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T Scientific, which owns shares in the Upbit competitor Bithumb, recorded more modest gains of 1.66%. The company, a mobile services provider, also invested in the Hanbitco exchange in 2022.
T Scientific share prices on the Korea Exchange on December 2. (Source: Naver Finance)
Galaxia Moneytree, a financial services provider listed on the Korea Exchange that co-launched South Korea’s first Bitcoin-based payments service in 2021, experienced mixed results.
The firm’s share prices initially surged by 8%, but then sharply declined to -2%.
South Korean crypto-related stock prices frequently mirror the sentiment of the local crypto market.
When Will a Crypto Firm Launch on the Korea Exchange?
To date, no South Korean crypto company has successfully launched on the Korea Exchange. Bithumb abandoned its IPO plans this year in favor of pursuing a listing on US markets.
The Upbit partner K Bank was also compelled to cancel its own IPO attempt recently. However, the company asserts it may make a third attempt to go public early next year.
On December 1, lawmakers from the Democratic Party – the largest political group in the National Assembly – acquiesced to government requests to postpone the crypto tax.
The Democratic Party had proposed a bill that aimed to raise the annual threshold for crypto tax to match that of stock exchange investments.
However, the DP ultimately conceded after the bill did not pass the subcommittee stage.
The post South Korean Crypto-related Stocks Rise on News of Tax Delay appeared first on Cryptonews.
