{"id":38134,"date":"2021-03-01T15:37:16","date_gmt":"2021-03-01T13:37:16","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=38134"},"modified":"2025-08-30T03:05:22","modified_gmt":"2025-08-30T00:05:22","slug":"south-korea-to-impose-capital-gains-tax-on-cryptocurrency-trades-from-2022","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-korea-to-impose-capital-gains-tax-on-cryptocurrency-trades-from-2022\/","title":{"rendered":"South Korea to impose capital gains tax on cryptocurrency trades from 2022"},"content":{"rendered":"

The Ministry of Economy and Finance of South Korea has determined the timing for the introduction of a capital gains tax on cryptocurrency transactions. The changes will take effect on 1 January 2022, <\/span>The Korea Herald<\/span><\/a>.<\/span><\/p>\n

<\/p>\n

Authorities will levy a 20% tax on profits from cryptocurrency trading exceeding 2.5 million won (~$2,230). Similar rules will be implemented for inheritance or gifting of digital assets.<\/span><\/p>\n

As of 10 February, more than 38,000 citizens<\/span> signed a petition<\/span><\/a> in protest against the government’s plans. If by the end of March this number rises to 200,000, the cabinet will have to respond.<\/span><\/p>\n

South Korea’s Bitcoin exchanges were required by September 2021 to complete KYC procedures<\/span><\/a> under the Special Payments Act. It also envisages a prohibition on anonymous cryptocurrencies.<\/span><\/p>\n

Earlier in November, the National Assembly’s Planning and Finance Committee proposedto delay<\/span><\/a> the introduction of the income tax on cryptocurrency transactions until January 2022. It was initially expected to take effect in October 2021.<\/span><\/p>\n

Plans by the South Korean government to impose a capital gains tax on cryptocurrency trades became known in December 2019.<\/span><\/p>\n

In November, ForkLog reported that the Organisation for Economic Co-operation and Development (OECD) planned to develop a single standard for the exchange of tax information for crypto assets<\/span><\/a> (CRS).<\/span><\/p>\n

Subscribe to ForkLog news on Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

The Ministry of Economy and Finance of South Korea has determined the timing for the introduction of a capital gains tax on cryptocurrency transactions. The changes will take effect on 1 January 2022, The Korea Herald reports.<\/p>\n","protected":false},"author":1,"featured_media":38135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[974,558],"class_list":["post-38134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-south-korea","tag-taxes"],"aioseo_notices":[],"amp_enabled":true,"views":"41","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=38134"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38134\/revisions"}],"predecessor-version":[{"id":38136,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38134\/revisions\/38136"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/38135"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=38134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=38134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=38134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}