South Korea set to delay crypto taxation by one year to begin in 2023

FILE PHOTO: The exchange rates and logos of Bitcoin (BTH), Ether (ETH), Litecoin (LTC) and Monero (XMR) are seen on the display of a cryptocurrency ATM of blockchain payment service provider Bity at the House of Satoshi bitcoin and blockchain shop in Zurich, Switzerland June 25, 2021. REUTERS/Arnd Wiegmann//File Photo

SEOUL (Reuters) - South Korea's finance ministry said on Tuesday the National Assembly passed a bill on pushing back the planned taxation of capital gains from cryptocurrency trading by one year.

Once the bill receives approval at the plenary session, the country will begin imposing 20% capital gains tax on any annual gains of more than 2.5 million earned from trading of cryptocurrencies beginning January 2023.

The government had earlier said it will start imposing taxes from January next year.

The National Assembly is expected to hold the plenary session on Dec. 2.

(Reporting by Joori Roh, editing by Ed Osmond)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights


Next In Tech News

Dutch watchdog fines Apple over App Store payment options
Moody's upgrades Tesla's rating to Ba1, says outlook positive
Logitech reports 2% decline in quarterly sales; raises outlook
DC, three US states sue Google saying it invades users’ privacy
In global 5G race, European Union is told to step up pace
Facebook trumpets massive new supercomputer
Marketplace bug sees at least $1 million of NFTs sold below market price
Facebook parent Meta says its new AI supercomputer will be world's fastest
Can this dating app help put an end to the phenomenon of being ‘ghosted’?
Three U.S. states, D.C. sue Google over location-tracking

Others Also Read