BlockBeats News, November 20, The Block reported that South Korea’s ruling party intends to move forward with plans to tax cryptocurrency gains from early 2025, rather than approve a further delay, Seoul News reported on Wednesday.
Initially, a 20% tax on cryptocurrency gains (22% as local tax) was scheduled to take effect on January 1, 2022. The plan has been postponed twice to January 1, 2025 due to strong opposition from investors and industry.
However, the party is amending the plan to increase the tax-free limit for cryptocurrency gains below 2.5 million won ($1,795) to 50 million won ($35,919).
Source link
<p>The post South Korea plans to implement a 20% cryptocurrency tax in 2025 and increase the tax exemption limit first appeared on CoinBuzzFeed.</p>