S.Korea set to delay crypto taxation by one year to begin in 2023

The government had earlier said it will start imposing taxes from January next year

  
Representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration taken May 20, 2021.

Representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration taken May 20, 2021.

REUTERS/Dado Ruvic/Illustration

SEOUL - 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.

The government had earlier said it will start imposing taxes from January next year.  

The National Assembly is expected to hold the plenary session on Dec. 2.

(Reporting by Joori Roh, editing by Ed Osmond) ((joori.roh@thomsonreuters.com; +82 2 6936 1493;))


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