{"id":283747,"date":"2021-02-22T09:46:48","date_gmt":"2021-02-22T14:46:48","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=283747"},"modified":"2021-02-22T09:46:48","modified_gmt":"2021-02-22T14:46:48","slug":"20-crypto-taxation-fast-tracked-to-2022-in-south-korea","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/20-crypto-taxation-fast-tracked-to-2022-in-south-korea","title":{"rendered":"20% Crypto Taxation Fast-Tracked To 2022 In South Korea"},"content":{"rendered":"

Starting on the 1st of January, 2022, South Korea will enact a crushing 20% taxation on profits made by cryptocurrencies. The Korean Herald reported<\/a> on Monday that this taxation, according to the nation\u2019s Ministry of Economy and Finance,\u00a0 will be implemented in holding as well as trading in cryptocurrencies.<\/p>\n

Pushing For Earlier Taxation<\/h2>\n

The tax itself will only come into effect once users gained a profit greater than 2.5 million Korean Won. Crunching the numbers, this means that the first $2,300 in crypto profits for Korea\u2019s citizens is tax-exempt. From there, things get expensive, and quickly at that.<\/p>\n

South Korea has long since been trying to push crypto taxation within the country at large, since it\u2019s a crypto hub all in its own right. Initially, the plan was to implement crypto taxation as early as 2020, but thanks to the efforts of lobbyists and enthusiasts of the crypto space<\/a>, the Korean government delayed that numerous of times.<\/p>\n

Having An Inexplicable Change Of Heart<\/h2>\n

From there, a hard date was set for 2022, but then got delayed to 2023. Now, however, it seems that Korea\u2019s government has decided that it should happen sooner, fast-tracking it for January 2022.<\/p>\n

This comes after Korea officially recognized cryptocurrencies as financial assets, which doesn\u2019t hold the same tax exemption as hobbies do. This fast-tracking of the taxation has most definitely nothing to do with the absolute insanity that is Bitcoin’s bull run happening during this time, probably.<\/p>\n

\"Crypto<\/a><\/p>\n

Another important distinction stipulated by the Korean government is that cryptocurrencies<\/a> either received as gifts or given by inheritance are also taxable. The Herald explained that these sorts of events will see the average daily price of the asset be calculated through one month prior and one month after the inheritance or gift as given to the receiver.<\/p>\n

The Inevitable Backlash<\/h2>\n

As one would imagine, not a lot of Korean citizens were particularly happy with the idea of forking over a fifth of their profits. More than 38,000 citizens had already signed a petition denouncing this taxation since the 10th of February. Should Korea\u2019s people manage to gather 200,000 signatures before the end of March, Korea\u2019s government will be mandated to give a response about the matter.<\/p>\n

Another important event happening in March is the revision to the Specific Financial Transactions Act. This is expected to result in South Korea\u2019s crypto exchanges falling under a new level of regulatory scrutiny.<\/p>\n

These new regulations will, as expected, strengthen the anti-money laundering and information security procedures. Alongside this,\u00a0 it\u2019s expected that exchanges will be mandated to implement so-called \u201cReal Name Accounts\u201d to their users.<\/p>\n","protected":false},"excerpt":{"rendered":"

Starting on the 1st of January, 2022, South Korea will enact a crushing 20% taxation on profits made by cryptocurrencies. The Korean Herald reported on […]<\/a><\/div>","protected":false},"author":1717,"featured_media":266497,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[5377,7598,7599,4135,7893],"class_list":["post-283747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-altcoin-market","tag-crypto","tag-market","tag-south-korea","tag-trading"],"acf":[],"yoast_head":"\n20% Crypto Taxation Fast-Tracked To 2022 In South Korea<\/title>\n<meta name=\"description\" content=\"South Korea officially recognized cryptocurrencies as financial assets, which doesn\u2019t hold the same tax exemption as hobbies do.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"20% Crypto Taxation Fast-Tracked To 2022 In South Korea\" \/>\n<meta property=\"og:description\" content=\"South Korea officially recognized cryptocurrencies as financial assets, which doesn\u2019t hold the same tax exemption as hobbies do.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-22T14:46:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/06\/crypto-south-korea-1280x720-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Raza\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ali_r1272\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Raza\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747\"},\"author\":{\"name\":\"Ali Raza\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d\"},\"headline\":\"20% Crypto Taxation Fast-Tracked To 2022 In South Korea\",\"datePublished\":\"2021-02-22T14:46:48+00:00\",\"dateModified\":\"2021-02-22T14:46:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747\"},\"wordCount\":441,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/06\/crypto-south-korea-1280x720-1.jpg\",\"keywords\":[\"altcoin market\",\"Crypto\",\"Market\",\"South Korea\",\"Trading\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747#respond\"]}],\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747\",\"name\":\"20% Crypto Taxation Fast-Tracked To 2022 In South Korea\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/06\/crypto-south-korea-1280x720-1.jpg\",\"datePublished\":\"2021-02-22T14:46:48+00:00\",\"dateModified\":\"2021-02-22T14:46:48+00:00\",\"description\":\"South Korea officially recognized cryptocurrencies as financial assets, which doesn\u2019t hold the same tax exemption as hobbies do.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747#primaryimage\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/06\/crypto-south-korea-1280x720-1.jpg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/06\/crypto-south-korea-1280x720-1.jpg\",\"width\":1280,\"height\":720,\"caption\":\"south korea blockchain\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insidebitcoins.com\/#website\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"name\":\"InsideBitcoins.com\",\"description\":\"Search & Compare Brokers within Crypto, Forex & Stocks\",\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/insidebitcoins.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/insidebitcoins.com\/#organization\",\"name\":\"InsideBitcoins\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"width\":195,\"height\":32,\"caption\":\"InsideBitcoins\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d\",\"name\":\"Ali Raza\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg\",\"caption\":\"Ali Raza\"},\"description\":\"Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali\u2019s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Business2Community, BeinCrypto, and more.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/alirazak\/\",\"https:\/\/x.com\/ali_r1272\"],\"knowsAbout\":[\"Cryptocurrency\",\"Fintech\",\"Finance\"],\"jobTitle\":\"Editor\",\"url\":\"https:\/\/insidebitcoins.com\/author\/aliraza\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"20% Crypto Taxation Fast-Tracked To 2022 In South Korea","description":"South Korea officially recognized cryptocurrencies as financial assets, which doesn\u2019t hold the same tax exemption as hobbies do.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747","og_locale":"en_US","og_type":"article","og_title":"20% Crypto Taxation Fast-Tracked To 2022 In South Korea","og_description":"South Korea officially recognized cryptocurrencies as financial assets, which doesn\u2019t hold the same tax exemption as hobbies do.","og_site_name":"InsideBitcoins.com","article_published_time":"2021-02-22T14:46:48+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/06\/crypto-south-korea-1280x720-1.jpg","type":"image\/jpeg"}],"author":"Ali Raza","twitter_card":"summary_large_image","twitter_creator":"@ali_r1272","twitter_misc":{"Written by":"Ali Raza","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747#article","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747"},"author":{"name":"Ali Raza","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d"},"headline":"20% Crypto Taxation Fast-Tracked To 2022 In South Korea","datePublished":"2021-02-22T14:46:48+00:00","dateModified":"2021-02-22T14:46:48+00:00","mainEntityOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747"},"wordCount":441,"commentCount":0,"publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747#primaryimage"},"thumbnailUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/06\/crypto-south-korea-1280x720-1.jpg","keywords":["altcoin market","Crypto","Market","South Korea","Trading"],"articleSection":["Breaking Crypto News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747#respond"]}],"copyrightYear":"2021","copyrightHolder":{"@id":"https:\/\/insidebitcoins.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747","url":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747","name":"20% Crypto Taxation Fast-Tracked To 2022 In South Korea","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747#primaryimage"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747#primaryimage"},"thumbnailUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/06\/crypto-south-korea-1280x720-1.jpg","datePublished":"2021-02-22T14:46:48+00:00","dateModified":"2021-02-22T14:46:48+00:00","description":"South Korea officially recognized cryptocurrencies as financial assets, which doesn\u2019t hold the same tax exemption as hobbies do.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747#primaryimage","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/06\/crypto-south-korea-1280x720-1.jpg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/06\/crypto-south-korea-1280x720-1.jpg","width":1280,"height":720,"caption":"south korea blockchain"},{"@type":"WebSite","@id":"https:\/\/insidebitcoins.com\/#website","url":"https:\/\/insidebitcoins.com\/","name":"InsideBitcoins.com","description":"Search & Compare Brokers within Crypto, Forex & Stocks","publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/insidebitcoins.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/insidebitcoins.com\/#organization","name":"InsideBitcoins","url":"https:\/\/insidebitcoins.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","width":195,"height":32,"caption":"InsideBitcoins"},"image":{"@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d","name":"Ali Raza","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg","caption":"Ali Raza"},"description":"Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali\u2019s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Business2Community, BeinCrypto, and more.","sameAs":["https:\/\/www.linkedin.com\/in\/alirazak\/","https:\/\/x.com\/ali_r1272"],"knowsAbout":["Cryptocurrency","Fintech","Finance"],"jobTitle":"Editor","url":"https:\/\/insidebitcoins.com\/author\/aliraza"}]}},"_links":{"self":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747"}],"collection":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/users\/1717"}],"replies":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/comments?post=283747"}],"version-history":[{"count":0,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/283747\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media\/266497"}],"wp:attachment":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media?parent=283747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/categories?post=283747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/tags?post=283747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}