South Korea Put Off 25% Crypto Tax To 2025

by in Cryptocurrency News

South Korea crypto tax

The government of South Korea put off taxes on crypto earnings to 2025, according to the 2022 tax reform plan.

Related: South Korean crypto market rises to $45.9 billion

Officials delayed the plans before. In December they announced postponing taxes until 2023.

The government plan to tax 20% crypto profits over KRW 2.5 million (US$1,900) in a one-year period, wasn't changed. Authorities said that the decision was made taking into account current market conditions and the time necessary for the preparation of investor protection measures.

In March 2022, South Korea elected a new president, Yoon Suk Yeol. He announced supporting crypto and having plans for implying industry-friendly stances.