The South Korean government has finalized a new 20% tax on crypto gains.
The country's Ministry of Economy and Finance has just amended its tax code, which now stipulates annual gains related to crypto transactions surpassing 2.5 million won (about $2,000) from residents in the country will be subject to a 20% tax.
Under the amended law, all gains below that amount will be tax-free.
The new version of the tax code will come into effect on October 1, 2021 once it is approved by the South Korean parliament, which is expected to vote on it before September 3.
iHodl reported last week about South Korea's plans to impose a 20% tax on crypto gains.
The country has been considering a new tax on cryptocurrency gains for about 6 months.
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