South Korean Government to Start Taxing Crypto Trading Profits in 2022
The South Korean government has issued an amendment to introduce tax on cryptocurrency trading profits. The plan is now a reality after several attempts to delay it by lawmakers. New Rules Impose 20% Tax on Crypto Profits Per Asia Today, the legislative notice details that the amendment will be enacted in February, and profits from buying and selling cryptos in South Korea will be taxed at 20%. However, the rule is applicable only to crypto holders with annual income of over 2.5 million won ($2,300). The Ministry of Economy and Finance said the enforcement decree is scheduled to be....
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South Korea’s tax administration has pledged to take strict measures against tax evasion through virtual assets and platforms. While the Korean government is yet to start taxing capital gains resulting from crypto investment and trading, authorities in Seoul claim cryptocurrencies have been actively used for money laundering. Korean Citizens Accused of Investing in Crypto Assets to Dodge Taxes The National Tax Service (NTS) of South Korea intends to take severe actions against tax evasion practices relying on virtual assets, such as cryptocurrencies, and platforms operating with....
After much back and forth, South Korea appears to have finally set a hard date for the dawn of cryptocurrency taxation. South Korea will implement a 20% tax on Bitcoin (BTC) and cryptocurrency profits starting Jan. 1, 2022. The nation’s Ministry of Economy and Finance announced that profits made from both trading and holding cryptocurrencies will be subject to the tax, reported the Korean Herald on Monday.The tax will be triggered when profits made from cryptocurrencies exceed 2.5 million won, or roughly $2,300. Gains made up to this point will be tax-exempt. South Korea previously aimed....
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....
Lee Kwang-jae, a South Korean lawmaker, recently stated that he will be accepting cryptocurrency donations starting mid-January 2022. According to the politician, this plan represents his attempt to raise awareness about cryptocurrencies and non-fungible tokens among South Koreans.
Donations to Be Converted Into Korean Won
A Korean lawmaker, Lee Kwang-jae, has said he will start accepting cryptocurrency donations sometime in mid-January of 2022. According to the lawmaker, anyone that wishes to sponsor his campaign will be able to do so by directly transferring funds to his....
The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets. Government Asks South Korean Crypto Sector for Regulatory Proposals Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin....