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Crypto Traders in South Korea Get a Tax Reprieve

The government looks set to push off a capital-gains tax on Bitcoin, Ether and other digital assets that was supposed to start next year.

General Views Of Seoul As Korea Tensions Rise
Photographer: SeongJoon Cho/Bloomberg

A looming tax on cryptocurrency profits in South Korea will likely be pushed back by a year, giving a reprieve to traders who said they were being unfairly targeted.

The South Korean National Assembly’s finance committee on Tuesday approved to delay a 20% tax on crypto profits of more than 2.5 million won ($2,105) until 2023. It’s expected to be up for a vote by the full body on Thursday.