South Korea delays cryptocurrency taxation until 2022

The Planning and Finance Committee of the National Assembly of South Korea has proposed postponing the introduction of income tax on cryptocurrency transactions until January 2022. Local media report this.

Initially, authorities planned to implement the tax in October 2021. Lawmakers say the timeline shift is because cryptocurrency exchanges need more time to build an effective tax infrastructure.

Currently, exchanges are required to complete KYC procedures for customers by September 2021 under the Special Payments Act. The amendments also are expected to ban anonymous cryptocurrencies.

According to the report, some investors have already voiced dissatisfaction with the government’s plans to regulate the crypto market.

As reported in December 2019, plans by the South Korean government to tax capital gains on cryptocurrency trades were disclosed. The rate was expected to be 20%.

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