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South Korea: Government confirms taxation on crypto income amid crackdown

The recent development in the South Korean crypto crackdown saw the government confirm the timeframe to begin crypto tax regulations in the country. The cryptocurrency taxation will be implemented on January 1 next year, which will impose a 20% tax on the profits of the transactions. While the Democratic Party of Korea continued to discuss

The recent development in the South Korean crypto crackdown saw the government confirm the timeframe to begin crypto tax regulations in the country. The cryptocurrency taxation will be implemented on January 1 next year, which will impose a 20% tax on the profits of the transactions. While the Democratic Party of Korea continued to discuss

S.Korea
News
S.Korea
News

South Korea Proposes New Tax Codes to Target Crypto Tax Evaders

South Korea has proposed to introduce new tax regulations to debunk tax evaders using cryptocurrency. The regulators seek to get permission for tax authorities to impound crypto assets that are stored away by tax evaders in individual wallets. The expanding crackdown on crypto comes as part of financing the rising welfare costs of the nation.

South Korea has proposed to introduce new tax regulations to debunk tax evaders using cryptocurrency. The regulators seek to get permission for tax authorities to impound crypto assets that are stored away by tax evaders in individual wallets. The expanding crackdown on crypto comes as part of financing the rising welfare costs of the nation.