Cryptocurrency Taxations are coming to South Korea and it has been official. We all know the massive volume South Korean traders bring to the table so it was only a matter of time before something like this came up in the works. I am quite glad to see at least some progress been made in a part of the world even though it is not India but it seems there are also some people that are not quite happy with the taxation that has been put on Cryptocurrencies.
Yes to be taxed 20% on any gains made with Cryptocurrency is indeed a little harsh but you have to start at some point right. The gains from any Cryptocurrencies will be classified as Miscellaneous Gains and will be charged at 20% and yes it would have been great if that was 10% but that was really not up for is to decide.
But since this has kinda been official that crypto will be taxed in South Korea they have also opened the doors for further debates as to how much the tax should be and if it should be reduced to a lower percentage. So yeah the door has been pried open and now we can test new things. All things considered, I feel like South Korea will become a Crypto favouring Country soon enough.