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Miners of cryptocurrency in South Korea will be taxed with 20 percent tax

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According to the source, the Ministry of Strategy and Finance of the Republic of Korea wants to introduce a tax for miners in the amount of 20% of the value of digital assets mined during the year. However, it will not be introduced for everyone, but only for those who have mined various cryptocurrencies in excess of $ 2,220 in a year. The tax is expected to be introduced from January 2022.

In addition, South Korean cryptocurrency miners will have to file a tax return annually indicating all cryptocurrencies mined during the year and their value in Korean won.

This March, in accordance with the revised South Korea’s Financial Transaction Reporting Law, “virtual asset service providers” (essentially crypto exchanges) are required to verify the identities of their customers and submit suspicious transaction reports to the Korea Financial Intelligence Agency. In the first quarter of this year, of the 2.5 million investors who opened new accounts on the four major crypto exchanges in South Korea, about 67% were between the ages of twenty and thirty. As noted, the high cost of housing in the country and difficulties with employment are pushing young people to various operations with cryptocurrencies, including mining. All of them expect to receive high profits in a short period of time and thus solve their financial issues. But, obviously, with the new tax it will not be so easy for them to make money.

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