South Korea to Impose Taxes on Cryptocurrency in 2022

The Ministry of Economy and Finance confirmed that on the 1st of January 2022, profit from cryptocurrencies shall be subject to a 20% tax. And gifts and inheritance in the form of cryptocurrencies shall be taxed by the same rate of 20%. Exempted from Cryptocurrency Tax Any profit, gift and/or inheritance worth 2.5 million won and below will be exempted from the cryptocurrency tax. And only the profit, gift or inheritance in excess of 2.5 million won will be covered

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Korea’s Virtual Assets/Cryptocurrency Law

For those who may not know, cryptocurrencies/virtual assets (the best known of them, at the moment, is Bitcoin), are digital representations of value that can be digitally traded or transferred. When holders are using these currencies the transaction, in short, the use is via Blockchains (in short, a decentralized databases). South Korea has been at the forefront of the global cryptocurrency boom and its spread has permeated through all levels of society. Statistics from 2017 show that more than one third

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Bithump Crypto-Currency Exchange in Korea to Ban Trading in 11 Countries

With the Korean government auditing Korean Alt Currency exchanges and the Korean government looking at the regulation of crypto-currency, a major exchange, in Korea, has banned the trading on the exchange from Iran, Syria, Iraq, Ethiopia, Serbia, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu, and Yemen. These aforementioned nations are on the Financial Action Task Force’s Non-Cooperative Countries or Territories black list.  This Task Force, an intergovernmental agency, has deemed these countries to not have sufficient legal procedures in place to

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Future of Bitcoin in Korea according to FTC: Korean Cryptocurrency Updates

The head of the Korean Fair Trade Commission has noted to local vernaculars that he does not agree with Justice Minister Park Sang-ki’s comment that “cryptocurrency investment is gambling.”  He further noted that: “cryptocurrency recently emerged as an issue in Korea and other laws do not have the exact legal clauses that relate to closing exchanges.”  Thus, indicating, in part, that the Korean government doesn’t have the specific power to close the Korean cryptocurrency exchanges.  Of course, the FTC Chairman’s

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Korean Cryptocurrency Case Filed to the Korean Constitutional Court: Korean Bitcoin Updates

The author of this blog, formerly worked for the Constitutional Court of Korea and he is excited to see this matter being litigated in Korean courts.  The issue, as I have always noted, is simply if government are willing to protect the freedom of individuals to trade and speculate in asset classes of the choosing of the investor.  While, I am far from sold on Bitcoin (and other Alt Currencies) as a long-term asset class plays – of course any

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Last week’s Recap of the Top Legal Headlines in South Korea for the week of August 9, 2021:

Samsung leader Jay Y Lee wins parole from prison South Korean school teacher sentenced in Bitcoin assault case Korean politicans to amend sex crime laws criminalising semen terrorism Press freedom to nose dive after Korean parliament introduces fake news bill Former government official wins discrimination case against Korean government You may schedule a free initial consultation with a lawyer at: Please Schedule a Call with an Attorney. Latest Posts: The Signs of a Great Criminal Lawyer in Korea | English-Speaking

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Last week’s Recap of the Top Legal Headlines in South Korea for the week of July 26, 2021:

South Korea tables law to remove app stores’ in-app purchase monopolies Korean parliament set to allow direct seizure of crypto assets Anti-Google law gaining strong support from US business groups in Korea Korean crypto exchanges set to come under extra pressure from authorities Employers set to be punished with imprisonment over workplace disasters You may schedule a free initial consultation with a lawyer at: Please Schedule a Call with an Attorney. Latest Posts: The Signs of a Great Criminal Lawyer

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Last week’s Recap of the Top Legal Headlines in South Korea for the week of July 19, 2021:

Korean Teacher gets suspended sentence for homework assignment Optimus Asset Management CEO sentenced in Korean Fraud Scandal Google Anti-Trust :aw set to come in effect in South Korea Korean Government claims that tenant protection laws are providing benefits South Korea tightens cryptocurrency regulations You may schedule a free initial consultation with a lawyer at: Please Schedule a Call with an Attorney. Latest Posts: The Signs of a Great Criminal Lawyer in Korea | English-Speaking Criminal Defense Attorney in Seoul English-Speaking

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Korean Tax Law Amendments for Individuals for 2021

The Korean National Assembly passed a proposal by the Ministry of Economy & Finance and the Ministry of Interior & Safety related to Taxation of Businesses and Individuals in December of 2020. The Amendments shall take effect in 2021. The following is a summary of the major amendments to Korea’s Tax Code and regulations related to individuals in 2021. For an article on Taxation for Corporations please see: Korean Corporate Tax Law Amendments for 2021. 1. Amendment to Administrative Fines

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Korean Corporate Tax Law Amendments for FY 2021

Korean Tax Law

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Korea Blockchain Law Society Founded: Korean Crptocurrency Law Updates

The inaugural meeting of the Blockchain Law Society of Korea was held last week.  We wrote on the Korean Law Blog articles on Korean Blockchain/Alt Currency Law and shall be participating in the Blockchain Law Society and updating the reader on issues addressed by the Blockchain Law Society.  You shall find more articles on Blockchain, Alt currenices, Korean Crypto-currency Law and like topics on this blog over the next couple of months. We are looking forward to more lively discussions and

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Is Bitcoin Banned for Foreigners in Korea? Korean Bitcoin Law Updates

This Law Firm has wrote a few articles on Bitcoin Law in Korea.  This Alt Currency/Bitcoin Law articles may be found at: Court Challenges to Governments Ban on Cryptocurrency in Korea and Will the Korean Government Ban Bitcoin? Other article can be found via searching the Blog.  A Forbes article notes, with one significant caveat, that: “All foreigners, including residents, nonresidents and “kyopo” ethnic Koreans with foreign citizenship, will be banned from trading cryptocurrencies in Korea, the FSC’s foreign media department said

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Will the Korean Government Kill Bitcoin? The legality of Bitcoin in Korea

Local Korean vernaculars have reported that Bitcoin and other “Alt Coins” are to be investigated by the Bank of Korea, Korea’s Prosecutors Office and other government agencies. It is alleged by some in the Korean government that these crypto-currencies may be nothing more than Ponzi or Pump & Dumb Schemes.  While, others, proclaim these currencies are at the foundation of freedom and they help to fight inflation imposed by central banking authorities, allows for anonymous transactions and low transaction fees.

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