South Korean Government Officially Decides to Postpone the Starting Date of Virtual Assets Taxation to January 1, 2025

The South Korean government has officially decided to postpone the tax on virtual assets, which was originally planned to take effect from January 1, 2023, by two years to January 1, 2025, according to the official South Korean Tax Reform Act of 2022. Previously, the Income Tax Act enacted in South Korea planned to impose a 20% capital gains tax on investors who make more than 2.5 million won in annual profits from cryptocurrency investments.