South Korea is about to introduce a 20% tax on all crypto profits – that was the decision reached recently by the country’s government. That tax will start applying starting from 2022. According to the new law, profit from various digital coin transactions will be classified as “miscellaneous income” and will have to be reported in May 2023 general income taxes documents.
These plans were developed pretty quickly this year during a vice-ministerial interagency summit overseen by Koo Yoon-Cheol, who is the head of the government policy coordination.
They also decided that the South Korean Financial Service Commissions (FSC) will be the agency that will regulate South Korea’s cryptocurrency ecosystem, which is not surprising, since this is the country’s financial and FX regulator.
Source
Cryptos in South Korea are legal and apparently profitable if the state wants its share of the pie.
These plans were developed pretty quickly this year during a vice-ministerial interagency summit overseen by Koo Yoon-Cheol, who is the head of the government policy coordination.
They also decided that the South Korean Financial Service Commissions (FSC) will be the agency that will regulate South Korea’s cryptocurrency ecosystem, which is not surprising, since this is the country’s financial and FX regulator.
Source
Cryptos in South Korea are legal and apparently profitable if the state wants its share of the pie.
