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Mixed messages on crypto tax rules create confusion in South Korea
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South Korean government officials have created confusion this year with conflicting announcements regarding a possible repeal or amendment of the upcoming crypto tax set to come into effect in 2022.
Throughout 2021, debate has increased in intensity in the National Assembly, South Korea’s legislature, about whether, or how, to amend the crypto tax. If unchanged, the tax will levy a 20% tax on income generated by crypto transactions in excess of 2.5 million Korean won, or about $2,100.
NFT regulations are the latest example of confusion over crypto assets in the country.
On Nov. 5, FSC officials stated definitively that NFTs would not be subject to the crypto tax based on FATF guidelines classifying NFTs differently from cryptocurrency.
But
Read more on cointelegraph.comAbout this in other media
South Koreans Can Trade Crypto Tax-Free Until at Least 2023 as Delay 'Virtualy Confirmed' cryptonews.com /2 years ago
South Korean lawmakers inch closer to deal to delay crypto tax by one year cointelegraph.com /2 years ago
South Korean legislators agree to delay taxation of cryptocurrency capital gains ambcrypto.com /2 years ago
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