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SOUTH KOREA: CRYPTOCURRENCIES DO NOT HAVE TO BE TAXED!

 


Tax-free profits from cryptocurrencies until January 1, 2025

A very good and positive news for all South Koreans: The "Tax Reform Law 2022", which should come into force on January 1, 2023, has now been suspended by the government, as reported by a local news agency in South Korea. In plain language, this means that gains from investments in virtual assets such as cryptocurrencies would remain tax-free for South Korean residents for another full two years from January 1, 2023. Accordingly, the law should come into force on January 1, 2025.


The National Assembly of South Korea passed the tax reform law as early as December 2, 2021. Additional measures were included in the law on three different dates in the same month, and the law was scheduled to come into force as early as January 1, 2022.


However, in mid-January this year, authorities felt it was absolutely necessary to delay the law's passage for another year after it was originally scheduled to come into force. Consequently, investors instead expected taxes on crypto gains starting Jan. 1, 2023.


With the latest reports of yet another deferral, investors have two more years to invest in cryptocurrencies tax-free.

The South Korean government has of course not taken Terra's recent collapse lightly, as it should be noted that Terra's CEO, Do Kwon, is a South Korean citizen.


After the collapse of Terra, which left many investors with their fortunes, the government decided to take measures to ensure that a similar event will not happen again in the future.


It should also be noted that in South Korea, a full 10% of the entire trading volume with cryptocurrencies takes place there alone. The South Korean population has a high affinity for technology and a very high willingness to take risks when it comes to investments and other financial investments.

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