Profits from crypto assets were supposed to be taxed at a rate of 20% starting on January 1, 2023. However, Ko’s statement moves that date to January 1, 2025.
South Korea had planned to put a 20% tax on cryptocurrencies starting in 2022, but investors were upset about the idea and pushed it back to 2023.
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— Blockworks (@Blockworks_) June 20, 2022South Korea delays its 20% tax on crypto-asset gains by two more years until 2025 pic.twitter.com/dmW9QwDxNr
The start date for a 20% tax on stock trading gains over 50 million Korean won (US$38,624.95), which was supposed to be 2023, has also been moved to 2025.
Ko’s statement was part of President Yoon Suk-new yeol’s economic strategy plan, which said that the crypto tax would happen if the right market infrastructure was in place.
The plan is that the “Digital Assets Basic Act” will control how cryptocurrencies are made and listed.