South Korea posts up to 20% crypto capacity income tax

On July 13, the Cointelegraph reported that the South Korean private equity group recently discussed a cryptocurrency tax bill to make it taxable for cryptocurrencies. During the meeting, members said the cryptocurrency tax increase could increase by 20%. Changes to existing legislation also provide for dividing cryptocurrencies into "commodities" rather than currencies. Lawmakers ruled that virtual assets can be viewed as valuable electronic certificates that can be exchanged for electricity. However, in the case of a business for sale, it can be considered real estate.