South Korea's private sector members have revealed that the nation's citizens may have to pay as much as 20% of their cryptocurrency earnings in taxes.
The country's lawmakers have said that virtual currencies are like electronic or digital certificates of economic value that may be traded online. According to Korean officials, cryptocurrencies may be considered financial assets when they are used to conduct sales (for example, when using cryptos to pay for goods and services). Crypto-asset trading platforms in South Korea will reportedly withhold taxes on capital gains made by investors who do not reside in the country.
