South Korea is a Crypto friendly nation with dedicated blockchain hub cities and with plan to tax gains coming from crypto on agenda since 2019 that seems to be finally concluded.
The government of south Korea will tax 20% from gains in transactions coming from Cryptocurrency, the country's Minister of economy and finance amended the new tax code on Wednesday, which will be ruling the south Korea residents regarding Crypto activity and here are the conditions to be charged:
Residents of South Korea who deal with Crypto and have annual income of more than 2.5 million won, something like $2,000, coming from trading of digital decentralized assets will be subject to a 20% in tax.
Also the new tax rule on South Korea note that all income coming from Crypto activities (mostly trading) below 2.5 million won won't be charged any kind of taxes.
Crypto gains will be charged 20% in gains up to $2,000 in south Korea with effect on October 1st, 2021 if approved by Parliament.
The South Korea government is far ahead on acceptance of Cryptocurrency as way of income, with blockchain dedicated cities on plan and with Bitcoin on plan to be official used as legal asset on the country. The new tax plan will be submitted to parliamentary approval and if got accepted (which I believe would) will come to effect on October 1st, 2021.
The country its an example on crypto matter, and the plans to tax crypto started back in 2019, with the government wanting more participation on Cryptocurrency activities and giving residents the opportunity to file complaints about dubious business and, as a legal activity those business could be proper audited and the tax contributor be protected.
They plan the tax program since 2019 and on agenda for more than 6 months with now have been finalized.
South Korea residents will be calculate how much they earned annually to be charged 20% from Crypto gains.
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