It's been a long time coming but it looks like they're finally here. Crypto taxes in South Korea.
Took them long enough. Honestly they don't look that bad. it's better than the capital gains threat that was being thrown around for a while.
20% on gains, minimum threshold is $2k/year, filed under income tax, starting October 2021.
https://thenews.asia/korean-crypto-tax-amendment-sent-for-review/Unfortunately it was only a matter of time until countries start to tax crypto currencies. I think 20% is a little harsh, they could have easily started 10% and see their effects. Given that many countries don't have such high taxes yet, people might be inclined to switch to different exchanges outside of Korea. As with investing, taxes will play a big role in the future of crypto currencies. Losing out on 20% is very huge.