SOUTH KOREA TO INTRODUCE TAX OF 20% ON INCOME FROM CRYPTOCURRENCIES

Posted 22 July, 2020

 

Amendments to the legislation will enter into force on October 1 next year.

 

South Korea has approved aplan to introduce a tax 20% on income from cryptocurrency trading. This will affect citizens who have earned more than 2.5 million dollers or won 2,000 $ a year, using digital money. Income below this amount is not subject to taxation, Korea Joongang Daily reports.

 

An updated version of the tax code was presented by the South Korean Ministry of Economy and Finance. Now the document must be approved in parliament, after which the new rules will come into force on October 1, 2021. In the country, cryptocurrencies are included in the "other income" category.

 

In March of 2020, KB kookmin, the largest bank in South Korea, announced plans to launch a custodian service for storing cryptocurrency. The company has filed a request for registration of the KB Digital Asset Custody (KB DAC) trademark with the South Korean Intellectual Property Office.

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