South Korea will start to tax cryptocurrency.
The government announced on Wednesday that income made from cryptocurrency will face a penalty of 20 percent.
Under the details of the new legislation, income made from virtual assets below $2,000 will not be subjected to a penalty. But anything above $2,000 will immediately be hit with a 20 percent levy.
Exchanges in South Korea will be responsible for deducting the tax from transaction gains and then paying the earnings to the country’s customs office.
The revised tax code will come into effect October 2021.
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