Is cryptocurrency allowed in South Korea? Bitcoin and other cryptocurrencies are currently not considered legal tender or financial assets in South Korea, yet the market has grown extensively in the last few years.
Do Koreans invest in crypto? The average South Korean trader increased their crypto holdings by 64.2% in 2018, investing more than $6000 on average, a two-fold increase from the last survey.
Is crypto taxed in Korea? Once the bill receives approval at the plenary session, the country will begin imposing 20% capital gains tax on any annual gains of more than 2.5 million earned from trading of cryptocurrencies beginning January 2023. The government had earlier said it will start imposing taxes from January next year.
Does South Korea have tax? Tax rates. Net taxable income of resident individuals is taxed at graduated rates ranging from 6 percent to 45 percent (excluding local income surtax). The maximum tax rate is currently 45 percent on income earned over 1, billion Korean won (KRW) effective from 1 January 2021.