South Koreans Pay Tax on Income from Crypto Operations

Cryptocurrency transactions conducted in South Korea and generating income will be subject to tax duties of 20%. The new rules were published by the national ministry of economy and finance.

Therefore, the amendments will only apply to transactions. The tax authorities began to apply the relevant regulation from October 1 of the following year.

“The authorities are committed to modernizing the national tax system to meet changing market conditions.” The priority direction is to update the list of subjects of taxation and types of taxes this year ”, – noted earlier the Minister of Finance Hong Nem-ki.