South Korea Will Not Delay the Introduction of a Tax on Cryptocurrencies

On September 30, lawmakers in South Korea ended a political battle and thwarted attempts by the ruling party to delay the enactment of a cryptocurrency tax law.

Finance Minister Hon Namki and Democratic lawmakers from the National Assembly, South Korea’s legislature, have agreed that the cryptocurrency tax will be implemented as planned.

The Korean cryptocurrency tax will levy a 20% tax on income generated from cryptocurrency transactions in excess of KRW 2.5 million, or about $2,100.

The Democratic Majority Party in the National Assembly has tried to pass an amendment to the tax bill that would postpone tax payments until 2023.

The new legislation also complements the cybersecurity rules that have recently led to the exit of many Korean exchanges. Only 29 crypto exchanges met the deadline until September 24 and came into line.

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