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South Korea to Charge 20% Tax on Bitcoin Profits Under New Law

South Korea will now tax profits made from buying and selling of cryptocurrency at 20% after the government agreed to the decision on Wednesday. The decision was reached after months of debate. According to a taxation policy amendment notice released July 22, the Ministry of Economy and Finance said income from digital assets below 2.5 million won per year (around $2,000) will not be taxed. Annual earnings above this threshold will be taxed at 20%, it said. This puts crypto tax at the same level as other taxable income in the Asian country, even though it is not necessarily viewed…

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