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South Korea Will Raise Threshold of Its Cryptocurrency Tax

South Korea will raise its cryptocurrency tax

Leading crypto Twitter page Watcher Guru tweeted breaking news that South Korea is planning to raise its tax threshold on cryptocurrency from $2000 to $40000.

This is definitely great news for young crypto supporters and investors out there in South Korea.

The recent disclosure that South Korea’s future president intends to develop the country’s crypto-economy is fantastic news, particularly considering the country’s regional and global economic dominance.

President Yoon Suk-Yeol intends to increase the current cryptocurrency tax threshold from $2,000 to more than $40,000. 

In a nation where Koreans spent more than $43 billion on crypto assets last year, incumbent President Moon Jae-in squandered a chance to take the country forward with a more constructive crypto policy.

While South Korea is expected to strive to be more transparent, keeping all of the diverse groups on board, from crypto industry players to hopeful younger investors, will be a difficult task. 

The “proof is in the pudding,” as they say, since although the next administration may speak about intentions to legalize ICOs, they may only be accessible to people with over $1 million in assets.

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