South Korea will delay the cryptocurrency tax
Amid growing criticism from traders, the country will only introduce a tax on cryptocurrency from next year
30.11.2021 - 08:00
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What’s new? The South Korean Finance Minister Hong Nam-ki has stated that cryptocurrencies such as bitcoin will be taxed as “intangible assets” from next year. This is reported by the local media.
“It's inevitable, we will need to impose a tax on profits from the trading of virtual assets.”
Why was the bill postponed? The South Korean authorities have previously discussed the possibility of introducing a tax on cryptocurrency. The government had offered to tax annual cryptocurrency profits of 2,5 million won ($2200).
The project was criticized by the crypto lobbyists, and the South Korean government officially postponed the introduction of a new cryptocurrency tax until 2022.
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