Mixed information about encryption tax rules causes confusion in South Korea Author: Cointelegraph

South Korean government officials caused confusion this year due to conflicting statements about the possible abolition or modification of the upcoming crypto tax that will take effect in 2022.

Throughout 2021, the debate on whether or how to modify the encryption tax in the National Assembly, the Korean legislature, has become increasingly fierce. If it stays the same, the tax will impose a 20% tax on income generated from crypto transactions in excess of 2.5 million won (approximately US$2,100).