The South Korea’s Ministry of Economy and Finance tax policy Chief Ko Kwang-hyo reveals that the nation is postponing the 20% crypto tax for two more years.
Just last month South Korea announced plans to impose 20% tax on crypto gains starting from 2023. The tax was supposed to be levied on all crypto transactions with capital gains above 50M Korean won (US$38,624.95)
The announcement by Ko, who previously argued that the crypto tax should not be enforced until suitable market infrastructure is in place, was included in South Korean President Yoon Suk-yeol’s economic strategy roadmap.
The roadmap stated that the impending “Digital Assets Basic Act” will oversee cryptocurrency issuance and listing.
The tax policy was actually meant to go into effect in January 2022, however due to a lack of investor protection measures, it was deemed hasty and postponed for a year.