South Korea aims to delay crypto tax by one year from 2023

FILE PHOTO: Bitcoin, Ether, Litecoin and Monero exchange rates and symbols seen on crypto ATMs in Zurich
FILE PHOTO: Exchange rates and symbols for Bitcoin (BTH), Ether (ETH), Litecoin (LTC) and Monero (XMR) are seen on the screen of a payment provider crypto ATM Bity blockchain at Satoshi Bitcoin House and blockchain store in Zurich, Switzerland June 25, 2021. REUTERS / Arnd Wiegmann // File Photo

November 30, 2021

SEOUL (Reuters) – South Korea’s Finance Ministry on Tuesday said that the National Assembly has passed a bill to roll back the planned taxation on income from cryptocurrency trading for one year.

After the bill receives approval at plenary session, the country will begin to impose a 20% capital gains tax on any annual profits over 2.5 million earned from cryptocurrency trading. death beginning January 2023.

The government previously said it would start imposing the tax from January next year.

The National Assembly is scheduled to meet in plenary session on December 2.

(Reporting by Joori Roh, editing by Ed Osmond) South Korea aims to delay crypto tax by one year from 2023

Caroline Bleakley

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