{"id":60987,"date":"2022-05-04T15:47:09","date_gmt":"2022-05-04T12:47:09","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=60987"},"modified":"2025-09-05T09:28:41","modified_gmt":"2025-09-05T06:28:41","slug":"media-reports-plan-by-south-koreas-president-to-delay-crypto-tax-for-bitcoin-traders","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-reports-plan-by-south-koreas-president-to-delay-crypto-tax-for-bitcoin-traders\/","title":{"rendered":"Media reports plan by South Korea\u2019s president to delay crypto tax for Bitcoin traders"},"content":{"rendered":"<p>The president-elect of South Korea, Yoon Suk Yeol, intends to press for delaying the taxation of cryptocurrencies until the country develops a comprehensive regulatory framework. <a href=\"https:\/\/cointelegraph.com\/news\/south-korea-s-new-president-delays-crypto-taxes-in-favor-of-consumer-protections\">Cointelegraph<\/a> reports.<\/p>\n<p>He argues that, first, a Digital Asset Basic Act should be enacted, with provisions to protect consumers in the event of hacking, systemic errors and unauthorized transactions.<\/p>\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-to-impose-capital-gains-tax-on-cryptocurrency-trades-from-2022\">20% tax on profits<\/a> from trading virtual assets exceeding 2.5 million won (~$2,118) was planned to take effect on January 1, 2022.<\/p>\n<p>Despite <a href=\"https:\/\/u1f987.com\/en\/news\/south-koreans-back-tax-on-cryptocurrency-traders\">the support<\/a> for the government&#8217;s plans among citizens, in September 2021 lawmakers from the ruling Democratic Party of Toburo <a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-proposes-delaying-capital-gains-tax-on-crypto-traders\">voiced opposition<\/a> to the one-year delay.<\/p>\n<p>In October, a similar proposal <a href=\"https:\/\/u1f987.com\/en\/news\/south-koreas-opposition-urges-delay-to-cryptocurrency-taxation\">was introduced<\/a> by representatives of the opposition party, the People Power Party. Lawmakers explained their position as due to the fiscal infrastructure not being ready for the tax.<\/p>\n<p>The government <a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-sticks-to-plans-to-tax-bitcoin-traders-from-2022\">rejected attempts<\/a> by lawmakers to approve the postponement, but at the end of November the relevant committee of the National Assembly <a href=\"https:\/\/news.mt.co.kr\/mtview.php?no=2021112914193174146\">voted<\/a> for a bipartisan amendment delaying the introduction of the tax.<\/p>\n<p>Ultimately, authorities <a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-delays-tax-on-bitcoin-traders\">moved back<\/a> the deadlines to January 1, 2023.<\/p>\n<p>In March 2022, the <span data-descr=\"Financial Services Commission of South Korea\" class=\"old_tooltip\">FSC<\/span> <a href=\"https:\/\/u1f987.com\/en\/news\/south-korean-crypto-exchanges-to-comply-with-fatf-guidance\">to collect and share<\/a> information about users making transactions worth 1 million won (~$817) or more under the <span data-descr=\"Financial Action Task Force (FATF) Travel Rule\" class=\"old_tooltip\">FATF<\/span> Travel Rule.<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The president-elect of South Korea, Yoon Suk Yeol, intends to press for delaying crypto taxation until the country develops a comprehensive regulatory framework. Cointelegraph reports.<\/p>\n","protected":false},"author":1,"featured_media":60988,"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":[36,974],"class_list":["post-60987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/60987","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=60987"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/60987\/revisions"}],"predecessor-version":[{"id":60989,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/60987\/revisions\/60989"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/60988"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=60987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=60987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=60987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}