{"id":64712,"date":"2022-07-21T15:59:31","date_gmt":"2022-07-21T12:59:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=64712"},"modified":"2025-09-06T15:55:08","modified_gmt":"2025-09-06T12:55:08","slug":"south-korea-delays-tax-on-bitcoin-traders-2","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-korea-delays-tax-on-bitcoin-traders-2\/","title":{"rendered":"South Korea delays tax on bitcoin traders"},"content":{"rendered":"

The government of South Korea announced a two-year postponement of the implementation of digital asset taxation, according to Digital Today<\/a>.<\/p>\n

It was envisaged that a 20% tax on profits from trading virtual assets, exceeding 2.5 million won (~$1,906), would be introduced from January 1, 2023. In December 2021, the corresponding decision was passed by the National Assembly<\/a>.<\/p>\n

Under the plan for tax reform presented by the Ministry of Economy and Finance, the introduction of the rule has been moved to January 1, 2025.<\/p>\n

\n

“We have considered the conditions of the virtual asset market, improvements to the investor protection system, and so on,” the ministry explained.<\/p>\n<\/blockquote>\n

The rules of the FSC<\/span>, obliging cryptocurrency companies to collect and share<\/a> information about users who make transactions of 1 million won (~$762) or more, under the FATF<\/span> rules remain in force.<\/p>\n

Originally, authorities planned to introduce a 20% tax on bitcoin traders’ income from January 1, 2022.<\/p>\n

Despite public support for the government’s plans, in September 2021 lawmakers from the ruling Democratic Party of Toburo spoke in favor of a one-year delay .<\/p>\n

In October, a similar proposal was put forward<\/a> by representatives of the opposition party \u00ab\u0421\u0438\u043b\u0430 \u043d\u0430\u0440\u043e\u0434\u0430\u00bb; the parliamentarians explained their position as the fiscal infrastructure not being ready for the tax’s introduction.<\/p>\n

The government rebuffed attempts<\/a> by lawmakers to approve the postponement, but in late November the National Assembly’s relevant committee \u043f\u0440\u043e\u0433\u043e\u043b\u043e\u0441\u043e\u0432\u0430\u043b<\/a> for a bipartisan amendment delaying the introduction of taxation.<\/p>\n

In May 2022, media reported that the newly elected president Yoon Suk Yeol supported the delay .<\/p>\n

Read ForkLog’s Bitcoin news in our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government of South Korea announced a two-year postponement of the implementation of digital asset taxation, according to Digital Today.<\/p>\n","protected":false},"author":1,"featured_media":64713,"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-64712","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":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64712","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=64712"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64712\/revisions"}],"predecessor-version":[{"id":64714,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64712\/revisions\/64714"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/64713"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=64712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=64712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=64712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}