The South Korean government issued an amendment on January 6th, 2021, saying that introduce a tax on cryptocurrency trading profits.
However, according to the AsiaToday news update, It would not start taxing for cryptocurrency trading profits until 2023. But the fact is, the amendment is most likely to take place in February 2021.
In a further notice on the AsiaToday, the South Korean government will tax investors who profit over 30 Million WON. That is for Stock markets. For cryptocurrency holders, if those who make an annual income of more than 2.5 Million WON with cryptocurrency, the person 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.”
cointelegraph
Cointelegraph reports this South Korean tax on cryptocurrencies was delayed several times in 2020.
