South Korea’s Cryptocurrency Profits Expected to be Exempt from Capital Gains Tax, Authorities Estimate Passage of Amendment in February

In view of this, South Korea’s tax details for cryptocurrency assets were first proposed in July 2020 in the amendment to the tax law of that year. Those with cryptocurrency earnings exceeding 2.5 million Korean won (approximately 1,870 US dollars) will be subject to a 20% income tax and a 2% local tax. The tax calculation method is as follows: