South Korea plans to implement 20% cryptocurrency tax in 2025, while increasing tax exemptions
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Odaily Odaily News: According to a report by Seoul News on Wednesday, South Korea's ruling party intends to move forward with plans to tax cryptocurrency gains from the beginning of 2025, rather than approving a further postponement. Initially, a 20% tax on cryptocurrency gains (22% as local tax) was scheduled to take effect on January 1, 2022. Due to strong opposition from investors and the industry, the plan has been postponed twice to January 1, 2025. However, the party is revising the plan to increase the tax-free limit of cryptocurrency gains below 2.5 million won (1,795 U.S. dollars) to 50 million won (35,919 U.S. dollars).
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