South Korea Delays Crypto Income Tax Set to Begin Next January 1
South Korea’s presidential office has postponed the cryptocurrency income tax policy that was scheduled to take effect on January 1 next year. According to Odaily, the government established taxation on virtual asset gains in a 2020 revision of the Income Tax Act, and the policy had already been delayed three times. Under the revised law, annual gains from transferring or lending virtual assets are subject to a combined 22% tax after a basic exemption of 2.5 million won, including other income tax and local income tax.