The South Korean government has issued an amendment to introduce tax on cryptocurrency trading profits. The plan is now a reality after several attempts to delay it by lawmakers.
New Rules Impose 20% Tax on Crypto Profits
Per Asia Today, the legislative notice details that the amendment will be enacted in February, and profits from buying and selling cryptos in South Korea will be taxed at 20%. However, the rule is applicable only to crypto holders with annual income of over 2.5 million won ($2,300).
The Ministry of Economy and Finance said the enforcement decree is scheduled to be promulgated after meetings with the central government’s cabinet. The amendment is being applied to the country’s existing 2020 revised tax rules.
Although it will be enacted in the next month, the legislative notice clarifies that the new rule will start applying in 2022, according to government documents. The amendment also covers new tax rules for stock transactions.
In fact, transactions