{"id":49641,"date":"2021-09-17T12:05:38","date_gmt":"2021-09-17T09:05:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49641"},"modified":"2025-09-02T13:40:27","modified_gmt":"2025-09-02T10:40:27","slug":"south-korea-proposes-delaying-capital-gains-tax-on-crypto-traders","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-korea-proposes-delaying-capital-gains-tax-on-crypto-traders\/","title":{"rendered":"South Korea Proposes Delaying Capital Gains Tax on Crypto Traders"},"content":{"rendered":"

The ruling Democratic Party Toburo in South Korea intends to pass a law that would delay by one year the introduction of a capital gains tax on cryptocurrency trades, according to local Media<\/a>.<\/p>\n

Earlier, the Ministry of Economy and Finance determined<\/a> that the new requirements would take effect from 1 January 2022. The tax would be 20% of profits earned above 2.5 million won (~$2,122).<\/p>\n

National Assembly member Noh Woong-rae said that the introduction of the tax is not technically prepared. In his words, the ministry’s policy on this issue is “an administration that ignores reality”.<\/p>\n

For example, the tax authorities are currently extremely hard to obtain tax data on trades on foreign exchanges<\/a> or P2P transactions, the parliamentarian said. This could create “blind spots” and, instead of fair taxation, would foster evasion and undermine trust in the government, he noted.<\/p>\n

\n

“In a situation where the relevant tax infrastructure is not adequately prepared, delaying the taxation of virtual assets is no longer an option \u2014 it is inevitable,” Noh Woong-rae said.<\/p>\n<\/blockquote>\n

The bill is under consideration by the relevant parliamentary committee. According to the lawmaker, the party expects its passage by 1 October.<\/p>\n

Finance Minister Hong Nam-ki has already promised<\/a> that the requirements will take effect from 1 January 2022, despite opposition from the ruling party.\u00a0<\/p>\n

He reminded that last year the law on cryptocurrency transactions taxation was supported by the government, the opposition, and the Democratic Party, which has a slim majority in parliament.<\/p>\n

As reported in a survey, the introduction of the tax approved by more than half of the residents<\/a> of South Korea.<\/p>\n

Follow ForkLog news on VK<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The ruling Democratic Party Toburo in South Korea intends to pass a law that would delay for one year the introduction of the capital gains tax on cryptocurrency transactions, according to local media.<\/p>\n","protected":false},"author":1,"featured_media":49642,"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-49641","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":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49641","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=49641"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49641\/revisions"}],"predecessor-version":[{"id":49643,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49641\/revisions\/49643"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/49642"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=49641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=49641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=49641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}