South Korea plans 20% tax on crypto gains – Details
According to the report, a government official as saying that while the finance ministry has not finalized its plan to tax cryptocurrencies yet, there is a possibility that the government might impose a 20 percent tax on cryptocurrencies.
Speculation among Korean experts is that the government will treat crypto trading gains as “other income” and not as “capital gains.” Once finalized as other income, the Korean tax authority, the National Tax Service (NTS), will reportedly be allowed to tax crypto gains with immediate effect.
With the massive increase in the gains flowing from cryptocurrency investment, many countries are looking to place tax on crypto trading. The blockchain and crypto space are the trend now.