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South Korea will not tax profits from crypto yet, bill postponed for a year

South Korea’s Ministry of Finance has decided to postpone for some time the plan to tax crypto profits. Earlier this month there were reports that South Korea was considering this law. It was then estimated that the country’s crypto investors will have to pay taxes on their crypto profits from the new year i.e. January 2022. However, now according to the new plan, the South Korean government will reconsider this subject after a year i.e. in 2023.

South Korea’s National Assembly on Tuesday passed a bill to postpone crypto capital taxation for a year, according to a Reuters report.

If this bill is approved, crypto traders will have to pay 20 percent tax to the South Korean government for profiting more than $ 2.5 million (about Rs 19 crore) from crypto trading. The report said the bill would be tabled for approval in the plenary session on December 2.

Meanwhile, the government of South Korea is also exploring ways to tax non-fungible tokens (NFT) transactions. However, there is opposition among the leaders about whether they can be considered as virtual assets before taxing NFTs.

The Korea Herald report explained that according to South Korean law, certificate holders of virtual assets are required to pay 20 percent tax on earnings from the sale of their assets.

In September this year, a new rule came into force in the country. It asked for partnerships with banks to mandatorily register crypto exchanges with the Financial Intelligence Unit and ensure real-name accounts.

South Korea’s cryptocurrency market is witnessing a nationwide rally for the second time since 2018, according to the South Korean daily Hankyung. More than 20 lakh people are investing in crypto here.

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Damini Sharma
Experienced Senior Content Writer with a demonstrated history of working in the information technology and services industry. Skilled in SEO Copywriting, Web Content Writing, Storytelling, Blogging, and Social Media. Strong media and communication professional with a mass communication focused in Journalism from Sjmc davv indore.
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