Mixed messages on crypto tax rules create confusion in South Korea

Mixed messages on crypto tax rules create confusion in South Korea


South Korean government officials have created confusion this year with conflicting announcements regarding a possible repeal or amendment of the upcoming crypto tax set to come into effect in 2022.

Throughout 2021, debate has increased in intensity in the National Assembly, South Korea’s legislature, about whether, or how, to amend the crypto tax. If unchanged, the tax will levy a 20% tax on income generated by crypto transactions in excess of 2.5 million Korean won, or about $2,100.

NFT regulations are the latest example of confusion over crypto assets in the country.

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On Nov. 5, FSC officials stated definitively that NFTs would not be subject to the crypto tax based on FATF guidelines classifying NFTs differently from cryptocurrency.

But that decision was effectively reversed yesterday when FSC

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