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South Korea could be set to delay the implementation of a new crypto tax rule. Local reports say that the National Assembly has proposed postponing the deployment of the law till October 2022.
25% Crypto Income Tax
The government had initially planned to begin the implementation of the cryptocurrency income tax rule by October 2021. The rule states that South Korean residents will be charged 20% income tax on cryptocurrency profits worth 2.5million won ($2000).
The rule introduced by the Ministry of Economic and Finance has caused controversy within the crypto industry. The agitation appears to have been communicated to the South Korean Congress, proposing a delay in the law. It is understood that the national assembly is worried that the crypto industry is not ready to implement the new law in a short period of time.
Apart from the income tax law, exchanges are also required to enforce the ‘’Special Financial Information Act by 2021. The Act requires all exchanges to complete a KYC reporting process by September 2021. This would include verified names of users on their platform and their transaction details.
Only the top four exchanges in the country – Upbit, Bithumb, Corbit, and Coinone comply with the law. According to the law, exchanges that fail to comply after the deadline will have to leave the country. It is also thought that the Special Financial Information Act could also be delayed to ensure compliance by exchanges.
Korea Tough on Crypto Regulations
Korea has one of the highest adoptions of crypto assets in Asia and is the home of several top exchanges. Crypto regulations have always been at the forefront of the Asian nation, which boasts comprehensive crypto laws.
In March, Korea National Assembly passed laws and regulations that legalized the trading of crypto assets. However, crypto stakeholders have been critical of some of the government’s policies. South Korea has previously launched a massive crackdown on crypto exchanges, accusing them of skipping regulations.
The Asian country also recently banned anonymous crypto assets from exchanges citing money laundering risks. The government expects the two new laws to strengthen further its blockchain infrastructure leading to more investors.