South Korea Delays Tax on Crypto Trading
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July 22, 2022

The South Korean authorities have announced the entry into force of digital asset taxes will be delayed by 2 years, Digital Today has reported.

It was expected that a 20% tax on gains from trading virtual assets exceeding 2.5 million won or about $1,906 would be introduced from January 1, 2023.

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According to the tax reform plan submitted by the country's Ministry of Economy and Finance, the introduction of the rule has now been postponed to January 1, 2025.

According to the ministry:

"We consider the conditions of the virtual asset market, the improvement of the investor protection system, etc."

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The regulations of Korea’s Financial Services Commission (FSC) requiring cryptocurrency companies to collect and share information on users making transactions worth 1 million won or $762 or more remain in place under FATF rules.

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