South Korea Puts Off Introduction of Tax on Crypto Traders
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Dec. 3, 2021

The National Assembly of the Republic of Korea has just passed an amendment to legislation according to which the crypto trading tax will be introduced on January 1, 2023, CoinDesk has reported.

The authorities had planned to impose a 20% tax on profits from trading virtual assets exceeding 2.5 million won (approximately $2,118) from January 1, 2022.

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In September, parliamentarians from the Democratic Party, which is currently in power, spoke in favor of the delay. In October, representatives of the opposition party People Power Party made a similar proposal. As an argument, they cited the unpreparedness of the tax infrastructure to introduce the tax.

In late November, the National Assembly's dedicated committee voted in favor of a bipartisan amendment postponing the introduction of the tax for one year, and the parliament has endorsed the proposal.

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