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S. Korea will go ahead with 20% tax on cryptocurrency gains next year: Finance Minister Updated: 2021-04-27 17:05:23 KST

Finance Minister Hong Nam-ki says South Korea will go ahead with its plan to levy capital gains taxes on cryptocurrencies like Bitcoin, though he acknowledges that crypto, under Korean law, is neither a currency nor a financial asset.
Minister Hong said Tuesday that the government has no choice but to tax it in the interest of taxation equality.
He explained that crypto is traded for economic value, like works of art, which are also traded and taxed.
Starting next year, a 20-percent tax will be levied on any annual gains from crypto trading of more than 2-and-a-half million won, which is around 2,250 U.S. dollars.
Reporter : jhee@arirang.com
KOGL : Korea Open Government License
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