South Korea has introduced stricter tax regulations for cryptocurrency transactions, which will require individuals and businesses to report their crypto holdings and pay taxes on profits.
The new rules include a 20% capital gains tax on crypto earnings exceeding 2.5 million won (approximately $2,000). The government’s decision comes as crypto adoption continues to grow in the country, especially among younger generations.
South Korean regulators are also implementing measures to combat crypto-related tax evasion and ensure that the growing digital asset market operates within a regulated framework.
The new tax regulations are set to come into full effect by 2025.
