South Korean gov’t wants delay in crypto income tax

South Korea's Ministry of Economy and Finance has submitted a bill to lawmakers seeking to delay further the initial plan to impose a 20% income tax on cryptocurrency trading to 2025 instead of next year. The bill must be passed by the National Assembly before the year ends for the current taxation plan to be postponed. The current taxation law provides that anyone who earned more than KRW250,0000 (USD190) from investing in virtual assets will be subject to a 20% tax from 2023. The government’s delayed decision came as it sees that further infrastructure enhancement of cryptocurrency trading to protect investors should be made before imposing the income tax, especially as the number of virtual asset service providers increased dramatically from six in October last year to 30 at present.