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News+ Data Reports Events Podcasts Newsletter Text Alerts Sections You are currently not logged in. Login Get News+ Get Research POPULAR Asia SOUTH KOREA APPROVES DELAYING CRYPTO TAX RULE TO JANUARY 2022 by Wolfie Zhao DECEMBER 1, 2020, 3:39AM EST · 1 MIN READ advertisement South Korea will enforce a 20% tax on gains from crypto trading activities that exceed a $2,000 threshold starting from January 2022. The Yonhap News Agency reported on Tuesday that the South Korean National Assembly held a meeting on November 30 where the legislative body decided to move ahead with the government's tax amendment plan. Part of the plan seeks to put a 20% tax on capital gains from crypto trading activities that exceed a threshold of 2.5 million Korean won, or about $2,000. For instance, if a local resident makes a total of 5 million won by buying selling bitcoin for a year, they will pay 500,000 won for the gains that are above the 2.5 million won baseline, the report added. And no income tax will be charged if the total gains in a year are less than 2.5 million won. South Korea's Ministry of Economy and Finance finalized the tax amendment plan in July, which initially sought to implement the 20% tax on crypto trading gains in October 2021. However, the National Assembly proposed last week to delay the implementation time by three months to January 2022 due to concerns raised by local industry players for not having enough time to build a proper tax reporting infrastructure. Asia TRENDING STORIES GET YOUR CRYPTO DAILY BRIEF Delivered daily, straight to your inbox. I accept the Terms of Service I accept the Privacy Policy Sign Up! MORE THAN 75 MILLION ADA ALREADY DELEGATED IN GENIUS YIELD’S STAKE POOLS 24H AFTER ISPO LAUNCH After successfully raising $4.2 million in its seed round, Genius Yield is now launching its Initial Stake Pool Offering (ISPO). Read Full Story SPONSORED POST Research THE BLOCK RESEARCH PRESENTS THE 2022 DIGITAL ASSET OUTLOOK REPORT In 2021, The Block Research produced more than 300 unique pieces of research for our research members. The 2022 Digital Asset Outlook Report, commissioned by GSR, looks at the most important cryptocurrency developments in 2021 and looks ahead to the future of the space in the coming years. The 160-page report covers 8 different sectors […] Read Full Story DEC 16, 2021, 3:00PM GMT The Block News Plus SOLIDITY AND RUST DEVELOPERS ARE DRAWING HIGHER WAGES AND RICHER TOKEN REWARDS The skyrocketing demand for good developers is leading companies to get creative to attract talent. Read Full Story DEC 17, 2021, 6:51PM GMT Exchanges KRAKEN PLANS TO LAUNCH AN NFT PLATFORM 'IN THE VERY NEAR FUTURE' Crypto exchange Kraken is working on a platform to support non-fungible tokens (NFTs). Read Full Story DEC 17, 2021, 6:20PM GMT Fintech REVOLUT GIVEN NOD TO PUSH INTO CREDIT WITH EUROPEAN BANKING LICENSE Revolut Bank has been granted a full banking license in Europe, a move that means it can now passport more services out across the continent. Read Full Story DEC 17, 2021, 5:51PM GMT Bitcoin SEC PUNTS ON BITWISE AND GRAYSCALE BITCOIN ETF PROPOSALS The SEC released extension orders for the Bitwise Bitcoin ETP Trust proposal and the Grayscale Bitcoin Trust proposal. Read Full Story DEC 17, 2021, 4:09PM GMT Podcasts THE BLOCK'S VP OF RESEARCH LARRY CERMAK ON WHAT TO EXPECT IN 2022 The Block's Frank Chaparro and Larry Cermak chat about what 2022 will mean for the crypto space. Read Full Story DEC 17, 2021, 3:30PM GMT Funding POLYGON AND REDDIT CO-FOUNDER'S VC LAUNCH $200 MILLION WEB3 INITIATIVE Polygon and Alexis Ohanian's Seven Seven Six have launched a $200 million fund to invest in Web3 projects. Read Full Story DEC 17, 2021, 3:00PM GMT Ethereum ETHEREUM LAYER 2 NETWORK OPTIMISM REMOVES WHITELIST, OPENS TO ALL DEVELOPERS Ethereum layer 2 scaling network Optimism announced Thursday that it has removed the whitelist and is now open to everyone. Read Full Story DEC 17, 2021, 12:45PM GMT NFT MOONPAY AND SOLANA LABS STRESS THAT THEY DID NOT SEEK NFT PARTNERSHIP WITH MELANIA TRUMP Both companies clarified that they were not partners with Trump — nor that they sought out this involvement on her new NFT platform. Read Full Story DEC 16, 2021, 11:09PM GMT Bitcoin VALKYRIE LAUNCHES INNOVATIVE BALANCE SHEET ETF The Valkyrie Balance Sheet Opportunities ETF aims to give investors exposure to bitcoin by holding firms that hold bitcoin in some fashion. Read Full Story DEC 16, 2021, 10:46PM GMT The Block News Plus WHAT THE HECK IS A CROSS-CHAIN SWAP? Cross-chain swaps let you exchange cryptocurrencies across different blockchains. But it’s a very challenging task. Read Full Story DEC 16, 2021, 7:09PM GMT More * Content * News * Research * Data * Reports * Multimedia * Events * Podcasts * Newsletters * Text Alerts * Company * Features * Research * About * Team Members * Disclosures * Contact * Advertise * Careers * Tips © 2021 the block. all rights reserved. privacy policy • terms of service All-in-one digital asset platform Build digital wealth with easy portfolio management tools and attractive investment yields