South Korea to Introduce Tax on Crypto Trading Profits

The South Korean government issued an amendment which provides for introducing a tax on profits from cryptocurrency trading.

According to Asia Today report, the amendment is likely to be enacted in February. For cryptocurrency holders, anyone making an annual income of more than $2,300 from cryptocurrency profits will be taxed at 20%.

For cryptocurrencies owned before the beginning of the tax schedule, authorities will consider the highest of either the market price immediately before 2023, or the actual acquisition price.

.The Korean government pushed for a variety of blockchain-based initiatives in the fields of digital identity and blockchain voting. It also designated major population center Busan as a “blockchain city,” though some reports suggest that the categorization is lacking substance.