South Korea's crypto taxation postponed until 2023
The South Korean authorities have decided to introduce an amendment to defer taxation of profits from cryptocurrency income until 2023.
Let us remind you that this is one of the hot topics in South Korea. First, regulators want to levy 20% of the tax on profits from cryptocurrencies in excess of $ 2125, although they plan to levy the same tax on income from stocks only on amounts exceeding $ 42016. Secondly, the tax was planned to be introduced from January 1, 2022, while the tax on income from securities is introduced a year later.
This decision had its followers and opponents. Those who wanted to introduce taxes said that abandoning the decision would lead to a loss of public confidence. Opponents said that there are many loopholes in the law, and it takes at least a year to finalize it.
Most likely, the matter is in the elections, which in South Korea are scheduled for the spring of 2022. Many politicians want to win over young voters. Therefore, they spoke out against the hasty introduction of taxation.
In South Korea, where there are over 14.8 million officially registered users of cryptocurrency exchanges, this is a serious force. After all, the country is the third largest Bitcoin trading market on the planet.