Korean Officials Are Free from Disclosing Crypto Holdings
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6 January
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South Korea's officials will not be obliged to report their cryptocurrency holdings as three crypto-related bills have been failed to pass the National Assembly, Bitcoin.com first reported, citing the Electronic Times.

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If the bills were passed, Korean lawmakers would have to report all their cryptocurrency holdings and their trading profits. The bill was proposed back in November 2020 by Min Hyung-bae, a member of the ruling Democratic Party of Korea and a member of the parliamentary finance committee and required disclosure in case crypto holdings exceed $9,200.

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Min says the bill would help to avoid pressure on crypto investors from politicians. However, lawmakers believe that cryptocurrencies have no official property value, as their legal status is not defined.

Last year, South Korea officially postponed a 20% taxation of the cryptocurrency market to 2022 so that crypto-focused companies will be able to prepare the infrastructure for the taxation.

Hence, starting from 2022, if a person earns over 2.5 million South Korean won (~$2,500) per year with cryptocurrencies such as bitcoin, he should pay a 20% tax from this amount. The decision to postpone was made at a meeting of the Planning and Finance Committee. Initially it was planned to begin the taxation of the Korean cryptocurrency market in October 2021.

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