South Korean crypto traders will be taxed

The South Korean government is working to create a tax on cryptocurrency transactions. While media reports suggest that the tax on digital currency exchanges will be around 24.2% this year, regulators say a final decision on the tax rate has not yet been made.

According to the Korea Times, the South Korean Minister of Strategy and Finance said on Monday: “Taxes will now be collected on cryptocurrency transactions, but we have not yet decided exactly what tax rates should be introduced.”

Another Korean publication, Yonhap, wrote: “The government said on Monday that all crypto exchanges will be subject to taxes this year, and that the corporate income tax rate will be at least 24.2%.” The publication quotes the official statement: “Cryptocurrency exchanges must pay corporate tax on income received last year by the end of March, and local income tax by the end of April.”

After these messages, the government published the following statement on its website: “We are currently trying to improve the security system of the taxpayer database ... we have not yet decided exactly what the tax rate will be.”

The two largest ones will pay the most taxes the country's crypto exchange - Bithumb and Upbit. According to Coinmarketcap, Bithumb's 24-hour trading volume is $3.14 billion, while Upbit's is slightly less at $2.97 billion. Earlier this month, the Korean National Tax Administration launched investigations against Bithumb and Coinone. The Hankook-Ilbo publishing house wrote: “The government sees an opportunity to introduce a capital gains tax on digital currency investment returns.”

According to https://news.bitcoin.com