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.