Amid growing criticism from traders, the country will only introduce a tax on cryptocurrency from next year

​South Korea will delay the cryptocurrency tax

30.11.2021 - 08:00

72

1 min

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.

The source

“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.

Author:

Vasiliy Smirnov Vasiliy Smirnov

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy