South Korea’s 20% Crypto Tax Still on Track for 2022: Report

CORRECTION (Jan. 7, 17:37 UTC): This article previously cited a report that incorrectly stated South Korea’s crypto taxation plans were expected for 2023, a year behind schedule. As confirmed by CoinDesk Korea, the new tax plan is still expected for 2022.

South Korea’s Ministry of Economy and Finance said Wednesday it has finalized a legal amendment after tax rules were revised in 2020, according to a report from CoinDesk Korea.

• According to a legislative notice, the amendment is now to be implemented within a month, pending final meetings by vice ministers and South Korea’s Cabinet.

• The Ministry said cryptocurrency users will face a 20% tax on profits over 50 million South Korean won (US$45,685).

• The tax rate will rise to 25% if the gains are over 300 million won ($273,950).

• The tax had been slated for implementation in October 2021, but was last being pushed forward to January 2022, according to an earlier report.

• The National Assembly said in November that more time was needed to build the relevant tax infrastructure after cryptocurrency exchanges indicated they would struggle to meet the earlier deadline.

See also: PayPal’s Crypto Offering May Be ‘a Huge Headache’ for Taxpayers

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• South Korea’s 20% Crypto Tax Still on Track for 2022: Report