Type to search

Bitcoin cryptocurrency News world economy world news

Bitcoin Traders will be Taxed in South Korea

Share
bitcoin traders

The Ministry of Economy and Finance of South Korea has finally agreed on a plan to levy a 20% tax on income from operations with cryptocurrencies.

bitcoin traders

The changes regarding bitcoin traders appeared in the updated tax code

For tax purposes, cryptocurrencies have been included in the “other income” category.

Bitcoin traders and residents will be subject to taxation, whose income at the end of the year will exceed 2.5 million Korean won ($ 2,088). Tax liabilities will arise from amounts over this amount. Taking into account the local tax of 2%, the final rate will be 22%. Residents of other countries will be exempt from tax.

The proposed changes, which will take effect from October 2021, will require parliamentary approval. Discussion of the tax code starts before September 3.

What exactly will the tax rate be?

Information from the Ministry of Economy and Finance confirms rumors a week earlier that the tax rate on capital gains for bitcoin traders could be 20%. The proposed changes to the existing legislation treat crypto assets as goods, not currencies.

According to the Financial Services Commission of South Korea, the average daily trading volume of cryptocurrencies in the country is 1.33 trillion won ($ 1.1 billion). From January to May 2020, this value reached $ 6.33 billion (7.6 trillion won).

Recall that the work on the bill on the introduction of a capital gains tax for transactions with bitcoin and other cryptocurrencies in South Korea was planned to be completed in the first half of the year.

Read more crypto news here…

Join Bitxmi Exchange

Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

Leave a Comment

Your email address will not be published. Required fields are marked *

WP2Social Auto Publish Powered By : XYZScripts.com
bitcoin
Bitcoin (BTC) $ 36,296.00 1.31%
ethereum
Ethereum (ETH) $ 1,401.41 10.34%
tether
Tether (USDT) $ 0.999488 0.19%
polkadot
Polkadot (DOT) $ 16.43 0.46%
ripple
XRP (XRP) $ 0.297121 3.70%
cardano
Cardano (ADA) $ 0.371338 0.04%
litecoin
Litecoin (LTC) $ 155.11 2.26%
bitcoin-cash
Bitcoin Cash (BCH) $ 514.83 0.81%
chainlink
Chainlink (LINK) $ 20.98 2.97%
stellar
Stellar (XLM) $ 0.299542 0.98%
binancecoin
Binance Coin (BNB) $ 42.48 6.35%
usd-coin
USD Coin (USDC) $ 0.999275 0.16%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 36,239.00 1.26%
bitcoin-cash-sv
Bitcoin SV (BSV) $ 205.40 0.20%
monero
Monero (XMR) $ 160.45 2.99%
eos
EOS (EOS) $ 2.81 0.00%
aave
Aave (AAVE) $ 193.21 7.08%
cosmos
Cosmos (ATOM) $ 9.34 7.42%
nem
NEM (XEM) $ 0.247292 1.88%
tezos
Tezos (XTZ) $ 2.93 2.79%
tron
TRON (TRX) $ 0.030907 1.82%
havven
Synthetix Network Token (SNX) $ 15.49 0.74%
theta-token
Theta Network (THETA) $ 2.01 0.41%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.086873 2.75%
vechain
VeChain (VET) $ 0.029813 3.44%
uniswap
Uniswap (UNI) $ 8.83 6.49%
neo
NEO (NEO) $ 26.58 3.59%
celsius-degree-token
Celsius Network (CEL) $ 4.71 1.27%
okb
OKB (OKB) $ 6.11 9.86%
compound-ether
cETH (CETH) $ 28.11 10.99%
compound-usd-coin
cUSDC (CUSDC) $ 0.021471 0.02%
dai
Dai (DAI) $ 1.00 0.01%
leo-token
LEO Token (LEO) $ 1.40 0.20%
iota
IOTA (MIOTA) $ 0.480438 1.86%
maker
Maker (MKR) $ 1,431.20 0.52%
dash
Dash (DASH) $ 126.30 2.94%
dogecoin
Dogecoin (DOGE) $ 0.009032 1.11%
binance-usd
Binance USD (BUSD) $ 0.999261 0.03%
huobi-token
Huobi Token (HT) $ 5.78 2.85%
zcash
Zcash (ZEC) $ 103.04 0.42%
yearn-finance
yearn.finance (YFI) $ 35,143.00 6.64%
filecoin
Filecoin (FIL) $ 22.76 4.47%
solana
Solana (SOL) $ 3.71 2.26%
ftx-token
FTX Token (FTT) $ 10.69 0.86%
ethereum-classic
Ethereum Classic (ETC) $ 7.99 3.74%
avalanche-2
Avalanche (AVAX) $ 12.08 4.98%
kusama
Kusama (KSM) $ 102.92 5.34%
compound-governance-token
Compound (COMP) $ 216.71 5.47%
zilliqa
Zilliqa (ZIL) $ 0.074544 4.40%
sushi
Sushi (SUSHI) $ 6.78 10.01%