South Korea's new president delays crypto taxes in favor of consumer protections
The country’s president elect is proving his crypto savvy by declaring there will be no tax on crypto investment gains until legislation can ensure consumer protections. South Korea’s newly-elected president Yoon Seok-yeol announced Tuesday he would push to defer taxation on crypto investment gains at least until a new set of regulations called the Digital Asset Basic Act is enacted.South Korea’s crypto tax was initially set to come into effect for the 2022 fiscal year, but was pushed back to 2023 last December. E-daily reported that Yoon will ensure the crypto tax law does not come into....
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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 is tightening the regulatory reins on its native crypto exchanges. Effective September, exchanges within the country must maintain a minimum reserve of 3 billion won ($2.3 million). This move comes as South Korea seeks to fortify consumer protection in the crypto domain. Elevated Financial Cushion For Consumer Protection This policy may ensure exchanges […]
But the threats by North Korea extend to the cyberspace department as well. South Korean officials claim the North has “an effective cyber army”, which has been responsible for various attacks over the past few years. The war between North Korea and South Korea is still going on behind the scenes to this very day. A new report surfaced as to how North Korean hackers stole data of over 10 million South Korean shoppers. While these claims have yet to be proven, the police are investigating the data breach. Once again, this is a clear example of how more secure solutions are needed to....
The cryptocurrency industry in South Korea keeps facing regulatory challenges, and it seems that dust is far from settling. Now, crypto miners will be required to pay taxes, following the same path as digital assets traders. Ruling to Take Place Starting 2022 According to a report published by Donga, miners should be accountable for paying taxes by deducting the amount from their earnings. Expressly, officials from the South Korean Ministry of Strategy and Finance are set to apply a new rule for those who earn tokens over $2,220 annually by imposing a 20% tax rate. However, regulators....
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 […]