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S. Korean government may consider cryptocurrency profit as 'other income' Updated: 2020-01-20 13:36:22 KST

The Korean government is taking steps to start taxing profits from cryptocurrencies like bitcoin as "other income," like lottery winnings and prizes, at a rate of 20 percent.
Currently, cryptocurrency profits are taxed as capital gains.
According to officials on Monday, the finance ministry has asked the the department that handles income tax to review such a plan.
An official told Yonhap News, however, that while the finance ministry has not finalized its plan, the 20 percent rate is under consideration.
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