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South Korean authorities are discussing the idea of ​​abolishing the cryptocurrency tax

Regulation: South Korean authorities are discussing the idea of ​​abolishing the cryptocurrency tax

According to a representative from the Ministry of Economy and Finance of South Korea, the government is currently exploring the possibility of eliminating the tax imposed on crypto-assets.

Local media reports suggest that the authorities are also contemplating the removal of taxes on financial investments in gold, stocks, and funds. The primary objective behind this decision is to foster the accumulation of wealth and facilitate better financial planning for the citizens.

Furthermore, the legislative body intends to initiate discussions on the inclusion of income generated from #crypto-assets in the list of recognized financial investments. This move aims to ensure that crypto-assets are treated on par with other traditional investment instruments.

It is important to note that the new tax regime for cryptocurrencies in South Korea is scheduled to come into effect on January 1, 2025. As per the previous bill, individuals earning more than 2.5 million won ($1,865) from crypto-assets would be subject to a 22% tax.

In addition to these developments, #South Korea is also planning to impose sanctions on cryptomixers. Cryptomixers are tools that enable users to obfuscate the origin and purpose of their cryptocurrency #transactions by mixing their funds with those of other users.

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