Crypto tax in South Korea is ‘inevitable’ in 2022, says minister
South Korea’s finance minister said that cryptocurrencies like Bitcoin will be taxed as “intangible assets.” Amid the growing opposition against the new cryptocurrency tax regime in South Korea, finance minister Hong Nam-ki confirmed that the government will start taxing capital gains from crypto trading starting next year.“It’s inevitable, we will need to impose taxes on gains from trading of virtual assets,” the minister said when asked whether the tax should be delayed until the state has proper industry oversight in place, Reuters reports Tuesday.Hong emphasized that cryptocurrencies....
Related News
More than half of the survey respondents favored the controversial crypto tax law in South Korea. An opinion poll conducted by South Korean television station YTN has shown significant support for the planned cryptocurrency tax regime in the country.According to a report by The Korea Herald, 53.7% of the 500 participants polled by South Korea survey firm Realmeter expressed support for the crypto tax law coming into effect in January 2022.However, respondents in their 20s — the most active crypto trading age demographic in South Korea — were most likely to oppose the cryptocurrency tax....
The U.S. and South Korean governments have reportedly agreed to share data on ongoing crypto cases, including the case surrounding Terraform Labs CEO Do Kwon and the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).
U.S. and South Korea to Share Data on Crypto Investigations
South Korea’s Justice Minister Han Dong-hoon met with U.S. prosecution officials during a visit to New York this week, Yonhap News Agency reported Wednesday.
The U.S. officials present at the meeting included Andrea Griswold, chief counsel to the United States Attorney,....
The government of South Korea has announced it will start investing in metaverse projects directly. More than $177 million dollars will be invested to kickstart national jobs and companies in this field, according to statements made by Lim Hyesook, minister of science and information and communication technologies. South Korea is one of the first countries to put funds into this field.
South Korea Gets Into the Metaverse
While more VC firms and companies are actively investing in the future of the metaverse, some nations are also preparing to invest in this new area to secure....
The postponement follows a successful lobbying campaign by local crypto advocates. The South Korean government has officially postponed a new tax regime on cryptocurrency gains until 2022.According to Yonhap on Dec. 1, the planning and finance committee of South Korea’s national assembly passed amendments to the country’s tax laws wherein a new cryptocurrency tax regime will come into effect in January 2022.On Nov. 25, the legislature suggested delaying the adoption of a cryptocurrency income tax rule to Jan. 1, 2022 instead of October 2021.The decision will provide local crypto businesses....
The crypto tax will begin for South Koreans in 2022 but some industry observers say there is no cause for concern. Lawmakers in South Korea settled a long political battle on Sept. 30th and headed off moves by the ruling party to delay the implementation of the controversial crypto tax legislation. In a meeting on the 26th but only reported yesterday, Finance Minister Hong Nam-ki and key Democratic lawmakers from the National Assembly, South Korea’s legislature, are said to have come to a final agreement that the crypto tax will be carried out as plannedThe Korean crypto tax will tax....