March 1, 2021 / news

South Korean Crypto Traders Will Be Required To Pay Tax Starting 2022 Year

south korea

According to The Korea Herald, the Korean authorities have said that the deadline for traders to pay tax on profits from trading cryptocurrencies is January 1, 2022.

According to the law, profits above KRW 2.5 million (~ $ 2,230) will be taxed at 20%. The same rules will apply to cryptocurrencies received by inheritance or as a gift.

The citizens of South Korea have a month to collect 200,000 signatures in a petition to protest the decision. From February 10 to March 1, this document collected 38,000 signatures.

The government’s plans to introduce a tax on cryptocurrency trading became known at the end of 2019.

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