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【South Korea plans to implement a 20% cryptocurrency tax by 2025 while increasing the tax-free threshold】 November 20th, according to The Block report, as Seoul News reported on Wednesday, South Korea's ruling party is planning to proceed with its plan to start taxing cryptocurrency gains from early 2025 instead of approving further delays.Initially, a 20% tax on cryptocurrency gains (22% for local tax) was scheduled to take effect on January 1, 2022. Due to strong opposition from investors and the industry, the plan has been postponed twice to January 1, 2025.However, the party is revising the plan to raise the tax-exempt threshold for cryptocurrency gains from less than 2.5 million Korean won (US$1,795) to 50 million Korean won (US$35,919).
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