South Korean officials caused confusion by contradicting announcements this year regarding possible repeal or modification of the forthcoming crypto tax, which will come into force in 2022.

Throughout 2021, debate has increased in intensity in the National Assembly, South Korea’s legislature, about whether, or how, to amend the crypto tax. The tax, if it is not changed, will levy 20% tax on crypto transaction income above 2.5 million Korean won. This amounts to approximately $2,100.