South Korea postpones 20% tax on crypto gains to 2025
The delay comes just a couple of months after newly elected president Yoon Suk-yeol promised to work on regulations first. The South Korean government has reportedly postponed the 20% tax crypto gains by two years. The controversial 20% tax on crypto gains was supposed to come into effect from January 1, 2023, but now has been deferred to 2025.The government officials announced their new tax reform plans on July 21, deferring the crypto tax policy to 2025, citing stagnant market conditions and the time required for the preparation of investor protection measures. The initial plans of....
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South Korean National Assembly Strategy and Finance Committee approved an amendment to delay to 2023 the taxation that imposes an annual 20% capital gains tax for crypto trading with over 2.5 million Won (US$2,125) in earnings, just after the same taxation had been rushed to happen in 2022 as the lawmakers said postponing it would […]
South Korean authorities have yet again postponed imposing crypto tax until 2025, mentioned in the official announcement. This new proposal aligns with the new President Yoon Suk-yeol’s view, which is of the opinion that crypto taxation is secondary. The primary task at hand is to ensure that the market infrastructure is in place. Once the […]
South Korea’s incumbent president Yoon Suk-yeol has decided to delay the crypto taxation by reportedly wanting to adopt a different regulatory framework. President-elect Yoon is quite firm on remaining crypto-friendly as he might lift the ban on Initial Coin Offering (ICO) that was imposed in 2017. This move is one of the many other important […]
South Korea has postponed its crypto gains tax on multiple occasions due to a lack of investor protection measures and regulatory guidelines. The South Korean Ministry of Strategy and Finance on Monday cleared that virtual asset airdrops, staking rewards and hard forked tokens would be subject to a gift tax under the Inheritance and Gift Tax Act despite the postponement of crypto gains tax to 2025.Cryptocurrencies are officially referred to as part of virtual assets under South Korean law.In response to a tax law inquiry about transfers of virtual asset airdrops by crypto exchanges, the....
The FSC will reportedly “make institutional supplements that will take a balanced approach to blockchain development, investor protection and market stability" on bills proposed. The chair of South Korea’s Financial Services Commission said the regulator plans to expedite its review of 13 bills pending in the country’s National Assembly related to digital assets.According to a Thursday report from South Korean news outlet Edaily, Financial Services Commission chair Kim Joo-hyun said a task force consisting of private experts and government ministries will “quickly” review proposed....