March 28, 2024

South Korea introduces 20% tax on crypto profits

South Korea introduces 20% tax on crypto profits

The South Korean government has approved a plan to introduce a 20% tax on profits received from cryptocurrencytransactions.

The country's Ministry of Economy and Finance contributedamendments to the tax bill. Now, any resident of the country who receives more than $ 2,000 a year from crypto trading will be forced to pay 20% tax. If the profit is less than this amount, no tax will be charged.

Amendments to the bill, if approved by parliament, will come into force on October 1, 2021. 

South Korea has been planning to introduce a tax on crypto trading for more than six months. Now the ministry will classify crypto profits as “other income.”

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Based on materialswww.theblockcrypto.com