South Korea Considers Cancelling Cryptocurrency Tax
Date: 2024-01-18 Author: Dima Zakharov Categories: IN WORLD
South Korea is contemplating a significant change in its taxation policies regarding cryptocurrencies. According to reports from local media citing a representative from the Ministry of Economy and Finance, the government is considering the cancellation of taxes on crypto assets.
The authorities intend to eliminate taxes on financial investments in gold, stocks, and funds as well. The primary objective behind this decision is to "support wealth accumulation and financial planning for citizens," as stated in the official announcement.
Furthermore, legislative bodies in South Korea plan to discuss the inclusion of cryptocurrency gains in the list of financial investments.
It's worth noting that the new cryptocurrency tax regime in the country is set to take effect on January 1, 2025. According to the previous draft of the law, individuals earning more than 2.5 million won (approximately $1,865) from cryptocurrency assets would be subject to a 22% tax rate.
In a related development, South Korea is also considering sanctions against cryptocurrency mixers, as reported earlier.
