South Koreans will now wait two more years before a 20% tax on crypto earnings will be implemented.
According to the tax reform plan, reviewed by CoinDesk, taxation on income from virtual assets as well as income from the"transfer or lending of virtual assets" will be delayed to 2025.
The initial plans to levy an additional 20% tax on crypto gains exceeding KRW 2.5 million in a one-year period, remain unchanged.that the planned taxes might unfairly target smaller crypto investors, as the threshold for taxing capital gains from investment in the local stock market is considerably higher.
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