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/This is no sad news if viewed from a different perspective other than the high tax rate. It would give the crypto traders legit license to keep on to their business and the use of cryptocurrency in the country. After paying the required tax for a couple of years, it will become like a common thing and the full advantage of them paying the tax will become so obvious.....
My advice to the investors is that they should accept what is before them; to pay the tax, so they live to smile in the near future as it will be a legalized way of payment and transactions with cryptocurrency just like every other system of the economy.