South Korea plans 20% crypto-tax from 2022, will exclude NFTs as taxable

[ad_1]

BeInCrypto

The country’s crypto tax rules that were previously proposed have been accepted and will come into effect in 2022. From now on, non-fungible tokens (NFTs) are not included in the tax.

South Korea’s Deputy Prime Minister and Minister of Finance Hong Kam-ki has announced that the country’s cryptocurrency tax rules will be enforced from January. Under the new regulations, South Korea will tax personal crypto income at 20% if the total income is over 2.5 million won or $ 2,100. In the process of confirming the new fiscal mandate, the Ministry of Economy and Finance has, in essence, also announced the rejection of a petition to delay crypto taxes until more research can be done. Hong Kam-ki added that the South Korean cryptocurrency market has exploded in size and now rivals the country’s stock market, ergo the time for taxation is now.

In order to better track and tax cryptocurrency in South Korea, the Financial Services Commission has decided that all cryptocurrency exchanges will be required to register with the government and report transactions as requested. Meanwhile, dozens of exchanges have gone out of business in recent weeks, with just four having completed the registration process.

This story was first seen on BeInCrypto Join our Telegram group and get trading signals, free trading course and more stories like this on BeInCrypto

[ad_2]