Saturday, January 28, 2023

South Korea To Tax Crypto Capital Gains From Next Year

South Korea has announced to impose capital gains tax on those traders who have earned profit from cryptocurrencies. From the year 2022, the government would start taxing the digital asset gains in the country.

As per the sources, during an interview, the finance minister of the country, Hong Nam-ki, was asked to delay the tax on capital gains. While answering the interviewer, the finance minister said, “It’s inevitable, we will need to impose taxes on gains from trading of virtual assets.”

Earlier, it was reported that from January 2022, South Korea will start imposing taxes on capital gains from cryptocurrencies.

According to the sources, if the annual gain of the trader from cryptocurrency is more than $2,253, then he would be subjected to pay 20 percent of the capital gains as tax.

While addressing the news conference, Hong said that cryptos could not be labeled as currencies, instead, they are intangible assets.

The finance minister of South Korea concluded the conference by advising crypto traders to carefully make their investment decision, as in the present time, digital tokens are susceptible to new forms of illegal fundraising and fraud.

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