South Korea · The Block
Currently, South Korea is set to levy a 22% tax on crypto income exceeding the 2.5 million Korean won ($1,650)
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Earlier this month, South Korea's National Tax Service reportedly confirmed that it will move forward with the crypto tax plan as scheduled, despite criticism.
Key facts
- Currently, South Korea is set to levy a 22% tax on crypto income exceeding the 2.5 million Korean won ($1,650) threshold
- On Thursday, the petition seeking to repeal the planned crypto tax reached the required 50,000 signatures at around 11:23 a.m. local time
- Earlier this month, South Korea's National Tax Service reportedly confirmed that it will move forward with the crypto tax plan as scheduled, despite criticism
- Under the rules of South Korea's national petition program, the motion was referred to a legislative committee on Thursday
Summary
South Korean legislators are set to review the possible abolition of the crypto tax plan scheduled to take effect next year, after a national petition surpassed the required number of signatures. On Thursday, the petition seeking to repeal the planned crypto tax reached the required 50,000 signatures at around 11:23 a.m. local time. Under the rules of South Korea's national petition program, the motion was referred to a legislative committee on Thursday. In the motion, the anonymous petitioner argued that taxing gains from cryptocurrencies is unfair for investors, especially after South Korea abolished income taxes on traditional financial investments, such as stocks and bonds. Persistent fraudulent activity and substandard token listings continue to expose investors to risk, the motion said, highlighting a significant shortfall in current investor protection frameworks.