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Seoul to tax crypto gains, bring in more regulations

South Korea will force a 20% assessment on benefits from Bitcoin (BTC) and cryptographic forms of money beginning January 1, 2022. The country’s Ministry of Economy and Finance declares that benefits are gotten from Both exchanges and property of digital currencies are available.

  • “I sold stocks I was holding recently and started to invest in (digital) coins after seeing my colleague made a lot of money from them,” a police officer surnamed Choi said. “I think it’s unfair to charge that much (cryptocurrency) tax when compared to taxes on stocks,” he added. He was referring to the revised capital gains taxes on stock investment.

Expenses will be charged when the benefits from cryptographic forms of money surpass 2.5 million won, or about $ 2,300. Benefits acquired so far will be tax exempt.

  • “Unlike stocks, virtual assets are not considered financial assets in international accounting standards, and financial investment income, such as stock investment,” an anonymous government official was quoted as saying by Yonhap News Agency.

South Korea has recently focused on tax assessment beginning in 2020, yet clamor from crypto lovers has made the public authority defer the execution of expense assortment on various occasions.

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