The South Korean cryptocurrency tax act comes into force in 2022
All virtual assets, except NFT, are subject to the act
08.10.2021 - 12:20
398
1 min
0
What's new? South Korean Finance Minister Hong Nam-ki has stated that the cryptocurrency tax law will come into force in 2022. According to the document, income from cryptocurrency activities over 2,5 million South Korean won ($2,100) will be taxed 20%. However, the NFT did not fall under the law, The Korea Times refers to materials from the government meeting.
Material on The Korea Times website
Why did the authorities adopt this law? Hong Nam-ki noted during the meeting that petitions to postpone the entry into force of the law had been rejected. According to him, the South Korean digital asset sector had grown to stock market size, so implementation of the document should not be delayed.
What is the future of the NFT? South Korean Financial Supervisory Service Manager Jeong Eun-bo stated at the meeting that after negotiations with other government agencies, the issue of NFT’s status can be changed. The fact is that the current solution may become a loophole in the law, as the NFT market is growing rapidly.
Unless the regulators make the NFT a digital asset and tax it, the industry will gain further development benefits, Jeong Eun-bo added.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 723
BTC
+0.05%
-
Ethereum
$3 356.18
ETH
-0.79%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.52
XRP
+10.05%
-
Dogecoin
$0.456838
DOGE
+15.49%
-
Cardano
$1.08
ADA
+21.9%
-
Stellar XLM
$0.422154
XLM
+48.3%
-
Polkadot
$7.47
DOT
+20.38%
-
Bitcoin Cash
$534.66
BCH
+8.21%
-
Litecoin
$103.43
LTC
+14.28%