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South Korea set to delay crypto taxation by one year to begin in 2023

South Korea set to delay crypto taxation by one year to begin in 2023

File photo. The exchange rates and logos of Bitcoin (BTH), Ether (ETH), Litecoin (LTC) and Monero (XMR) in Zurich, Switzerland on Jun 25, 2021. (Photo: Reuters/Arnd Wiegmann)

SEOUL: South Korea's finance ministry said on Tuesday (Nov 30) the National Assembly passed a Bill on pushing back the planned taxation of capital gains from cryptocurrency trading by one year.

Once the Bill receives approval at the plenary session, the country will begin imposing 20 per cent capital gains tax on any annual gains of more than 2.5 million won (US$2,100) earned from trading of cryptocurrencies beginning January 2023.

The government had earlier said it will start imposing taxes from January next year.

The National Assembly is expected to hold the plenary session on Dec 2.

Source: Reuters/aj

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