South Korea's Financial Subcommittee discusses delay in crypto tax law - Aliens: AI Crypto News & Markets Updates

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South Korea's Financial Subcommittee discusses delay in crypto tax law

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Aliens

Tue, Nov 16, 2021

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A subcommittee of the Korean National Assembly's Strategy and Finance Committee initiated discussions on possibly delaying the taxation of crypto transactions. According to the Korea Times, members of the finance ministry, legislators of the Democratic Party of Korea (DPK), and opposition parties participated in the talks. In fact, the local media stated that all of them had exchanged "vigorous opinions" on the matter. Public opinion is also turbulent over the so-called crypto tax, which aims to impose a 20% tax on crypto gains. Gains of this sort will be classified as "miscellaneous income". It also applies to mining operations. Furthermore, ICOs will be ineffective from January 1, 2022. The ministry’s plan hopes to impose a tax on gains in excess of US$ 2,125 a year.

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