{"id":10066,"date":"2021-09-16T20:42:05","date_gmt":"2021-09-16T19:42:05","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=10066"},"modified":"2021-09-16T20:42:14","modified_gmt":"2021-09-16T19:42:14","slug":"delaying-tax-laws-on-crypto-is-an-inevitable-situation-south-korean-lawmaker","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/delaying-tax-laws-on-crypto-is-an-inevitable-situation-south-korean-lawmaker\/","title":{"rendered":"Delaying tax laws on crypto is an inevitable situation – South Korean lawmaker"},"content":{"rendered":"\n
Noh Woong-rae, a member of South Korea's National Assembly <\/a>and a member of the ruling party, is said to be planning to postpone a bill explaining cryptocurrency taxation until 2023.<\/h5>\n\n\n\n
\"Delaying<\/figure>\n\n\n\n

According to a Naver News report published on Thursday, Noh stated that the Democratic Party of Korea intends to fight the South Korean Ministry of Finance's plan to tax virtual assets \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>beginning in 2022.<\/p>\n\n\n\n

According to the South Korean politician, securing data to be utilized for taxation on crypto exchanges and P2P transactions is now too complex.<\/p>\n\n\n\n

\u201cIn a situation where the relevant taxation infrastructure is not fully created, deferring taxation on virtual assets is not an option, but an unavoidable circumstance,\u201d the member from South Korea added.<\/p>\n\n\n\n

Noh stated that his party intends to work with colleagues in the National Assembly rather than the Ministry of Finance to pass legislation on crypto taxes, stating that doing so would “undermine trust in the government” and “promote tax cheating.”<\/p>\n\n\n\n

In April, Finance Minister Hong Nam-ki announced that the government would begin taxing capital gains<\/a> from cryptocurrency trading next year.<\/p>\n\n\n\n

The debate over digital assets is still going on in South Korea's legislature. Representatives said last year that, starting in October 2020, a 20% capital gains tax on crypto trading for annual earnings of more than 2.5 million won (approximately $2,126 at the time of printing) would be imposed.<\/p>\n\n\n\n

The legislature, on the other hand, has postponed the implementation of a crypto income tax rule until January 1, 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

Noh Woong-rae, a member of South Korea’s National Assembly and a member of the ruling party, is said to be planning to postpone a bill explaining cryptocurrency taxation until 2023. According to a Naver News report published on Thursday, Noh stated that the Democratic Party of Korea intends to fight the South Korean Ministry of […]<\/p>\n","protected":false},"author":12,"featured_media":10067,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[132,1206,1712,1050],"class_list":["post-10066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-crypto","tag-lawmakers","tag-south-korea","tag-tax"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/Delaying-tax-laws-on-crypto-is-an-inevitable-situation-South-Korean-lawmaker.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/10066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=10066"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/10066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/10067"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=10066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=10066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=10066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}