South Korean officials propose 20% tax on mining activities

Officials from South Korea’s Ministry of Strategy and Finance believe that part of the tax should be deducted from the mining income of cryptocurrency “miners” to be socially responsible, according to a report published by Dong-A Ilbo.

Officials believe that a 20% tax should be imposed on those with annual mining income exceeding $2,220, and the relevant policy should be implemented from January next year. In addition, Korean digital asset miners should submit tax returns in May each year, detailing the total won value of virtual currencies mined in the previous fiscal year.