A plan was approved in South Korea for introducing a tax of 20% on the income from cryptocurrency trading. This will apply to the citizens of the country that made a yearly profit of over 2.5 million won (or about $2000) from cryptocurrency trades. Income lower that this amount won`t be taxed, Korea Joongang Daily reports.
The new legislation will take effect from October 1, 2021.
An updated version of the tax code was presented by the South Korean Ministry of Economy and Finance. Now the document must be approved in parliament, after which the new rules will come into force on October 1, 2021. In the country, cryptocurrencies are included in the “other income” category.
In March 2020, KB Kookmin, the largest bank in South Korea, announced plans to launch a custodian service for storing cryptocurrency. The company has filed a request for registration of the KB Digital Asset Custody (KBDAC) trademark with the South Korean Intellectual Property Office.
