South Korea Proposes Postponing Crypto Tax Law Until January 2022
Main page News, South Korea, Cryptocurrency, Regulations
Hot topic
Nov. 25, 2020
138 138

South Korea's Congress has proposed delaying for 3 months, until January 2022, the implementation of the law aimed at taxing cryptocurrencies, local publication The Dong-a Ilbo has reported.

The National Assembly's planning and finance committee has recently published a report in which it recommends that the law be implemented as of January 1, 2022.

Local authorities amended their tax code in July with the aim of charging local residents a 20% tax on crypto-related profits above 2.5 million won or $2,000.

However, the implementation of this regulation was scheduled for October 2021, while now the authorities are considering the possibility of delaying its implementation until 2022.

This delay could be related to the fact that crypto exchanges have argued they may not have enough time to build an adequate tax filing infrastructure.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error