Korea announces up to 20% increase in cryptocurrency tax investment

According to the Cointelegraph of the 13th, the National Convention of the Republic of Korea recently discussed the Cryptocurrency Tax Bill related to the Cryptocurrency Taxable Investment Tax. On the contrary, the Rep. Yang Kyung-sook of the Democratic Party of Korea introduced a bill to replace the legal income law and levied a 20% tax on income from virtual assets. Amendments to existing legislation also provide for dividing cryptocurrencies into “commodities” rather than currencies. The legislator decided that virtual assets can be considered 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. The amendment also states that the cryptocurrency industry restricts the reporting of investment income for non-residents.