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South Korea to Push 2 Years-Postponed Tax Release to 2023

2022.11.23

According to economic broadcaster Korea Economic TV report, South Korea’s government is pushing for a digital assets taxation system released by the following year, the local crypto media channel reported on November 21.

 

The implementation of South Korea’s taxes on cryptocurrency earnings had been planned initially for 2025 due to insufficient digital assets market research. However, due to the recent announcement of the global digital asset exchange FTX filing for bankruptcy, the voices of those opposing the introduction of the crypto investment tax are growing, claiming that the postponement is equivalent to a tax cut on the wealthy.

 

Thus, the local National Tax Service and the Ministry of Economy and Finance called Upbit, Bithumb, and 30 other crypto service providers to seek the formation of a virtual asset taxation system, including assets type, quantity, and fees.

 

Experts pinpoint that if the taxation begins the following year, there is a high possibility that detailed standards, such as the application of the taxation system for each business operator, may cause confusion in the crypto market and weaken the competitiveness of domestic business operators.

 

Source: KOREA ECONOMIC TV (KOR)

Fee policy for withdrawal of virtual assets

The following fees are charged when withdrawing virtual assets from Delio Bank.

Virtual asset type Transmission fee (Gas fee) Withdrawal fee
Bitcoin (BTC) Charged according to network conditions 2,000 won worth of Bitcoin
Ethereum (ETH) Charged according to network conditions 2,000 won worth of Ethereum
Ripple (XRP) Charged according to network conditions 1 XRP

· There is no fee for transfers within Delio Bank.

· No withdrawal fee is charged for virtual assets other than Bitcoin, Ethereum, and Ripple.

· Please check the transfer fee for virtual assets other than Bitcoin, Ethereum, and Ripple when withdrawing.