Share this article
BTC
$81,897.14
+
9.15%ETH
$1,629.21
+
14.85%USDT
$0.9996
+
0.03%XRP
$1.9984
+
14.81%BNB
$576.26
+
6.48%USDC
$0.9999
-
0.01%SOL
$116.26
+
13.08%DOGE
$0.1559
+
12.90%TRX
$0.2389
+
5.15%ADA
$0.6166
+
12.47%LEO
$9.3838
+
3.36%LINK
$12.34
+
15.79%TON
$3.0509
+
4.50%AVAX
$18.07
+
12.98%XLM
$0.2361
+
9.76%SUI
$2.1700
+
15.40%HBAR
$0.1668
+
16.60%SHIB
$0.0₄1179
+
12.23%OM
$6.7845
+
8.91%BCH
$297.90
+
11.61%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
South Korea's 20% Crypto Tax Still on Track for 2022: Report
South Korea’s Ministry of Economy and Finance said Wednesday it has finalized a legal amendment relating to cryptocurrency taxes.
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.
STORY CONTINUES BELOW
- 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 2.5 million South Korean won (US$2,262).
- 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
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.
CORRECTION (Feb. 22, 12:25 UTC): This article previously stated the 20% tax applied to profits exceeding 50 million South Korean won or US$45,685. The new figure has been updated to reflect a 20% tax will be applied to profits exceeding 2.5 million South Korean won or US$2,262.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
