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South Korea to Implement Crypto Taxation in January 2025, Targeting High-Value Gains

Author: Content Editor
South Korea's Democratic Party has announced that they will begin implementing crypto taxation in January 2025. The revised legislation imposes a 20% tax on crypto gains exceeding 50 million won ($35,919) and adds a 2% local tax. This replaces the earlier limit of 2.5 million won ($1,791) which had faced opposition from investors. The ruling People's Power Party suggested delaying the tax until 2028, but the Korea Democratic Party rejected this proposal, advocating for immediate implementation to address the expanding crypto market. The implementation of taxes on domestic transactions will be enforced, while tracking efforts worldwide will be improved through the exchange of cryptocurrency transaction data by OECD nations starting in 2027.

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