South Korea deferred taxation of crypt currencies until 2022

The Planning and Finance Committee of the South Korean National Assembly proposed to postpone the introduction of income tax on crypt currency transactions until January 2022. This has been reported by the local media.

Initially the authorities planned to introduce the tax in October 2021. Parliamentarians explain the change in timing by the fact that crypt currency exchanges need more time to create an effective tax infrastructure.

The stock exchanges are now obliged to complete KYC procedures for customers by September 2021 as part of the implementation of the law „On Special Payments“. The amendments also provide for a ban on anonymous cryptov currencies.

According to the publication, some investors have already expressed dissatisfaction with the government’s initiatives to regulate the crypt market.

It should be reminded that the South Korean government plans to tax capital gains for transactions with cryptov currencies became known in December 2019. The rate was expected to be at 20%.