RATE Group | South Korea Considers Imposing a 20% Income Tax on Cryptocurrencies
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South Korea Considers Imposing a 20% Income Tax on Cryptocurrencies

20 Jan South Korea Considers Imposing a 20% Income Tax on Cryptocurrencies

Posted at 09:16h in Cryptocurrency News by

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South Korea’s Ministry of Economy and Finance is considering imposing a 20% tax on income from cryptocurrency transactions.

According to a report published by local English-language news outlet The Korea Times on Jan. 20, the ministry had reportedly ordered its income office to review cryptocurrency taxation. The Korea Times cited an anonymous official who reportedly said that the ministry has not finalized its plan, but noted that the government may impose a 20% tax on crypto income.

News of the proposed rate follows reports earlier this month that South Korea is drafting a tax regime for profits made from trading cryptocurrencies. 

Crypto tax clarity is much needed

Some have speculated that the government may categorize gains obtained through cryptocurrency trading as “other income” and not capital gains. The other income category also includes gains made from lectures, lottery purchases and prizes.

A clear cheme for crypto cryptocurrency taxation is much needed in South…

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