In view of this, the details of taxation on cryptocurrency assets in South Korea were first proposed in July 2020 in the amendment to the tax law of that year. For individuals whose cryptocurrency asset income exceeds 2.5 million Korean won (approximately $1,870), a 20% income tax and a 2% local tax will be levied. The tax calculation method is as follows:
South Korea's Cryptocurrency Profits Expected to be Exempt from Capital Gains Tax, Authorities Estimate February Passage of Amendment