South Korea-based digital asset investors to pay 20% in taxes from crypto trading

Wednesday 15 July 2020 10:29 CET | News

South Korea’s private sector members have revealed that the nation’s citizens may have to pay as much as 20% of their cryptocurrency earnings in taxes. 

The country’s lawmakers have said that virtual currencies are like electronic or digital certificates of economic value that may be traded online. According to Korean officials, cryptocurrencies may be considered financial assets when they are used to conduct sales (for example, when using cryptos to pay for goods and services). Crypto-asset trading platforms in South Korea will reportedly withhold taxes on capital gains made by investors who do not reside in the country.

The Financial Services Commission, which is Korea’s financial regulator, reported that an average of approximately USD 1.1 billion in digital assets had been traded each day via local crypto trading platforms. An average of approximately USD 6.33 million per day in virtual assets have been traded between January 2020 and May 2020.

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Keywords: South Korea, digital assets, taxes, crypto trading, private sector, cryptocurrency, earnings, virtual currencies, electronic certificates, digital certificates, financial assets, capital gains, Financial Services Commission, financial regulator
Categories: DeFi & Crypto & Web3
Countries: Korea, Republic of
This article is part of category

DeFi & Crypto & Web3