The year 2020 has turned out to be very fortunate for the cryptocurrency-blockchain industry. The main reason behind such a surge in its growth and development is due to the COVID-19 situation. Millions of people who lost their jobs due to company closures flocked to the cryptocurrency industry.
While the entire world’s economy was trying really hard to keep up on its feet, cryptocurrency was providing the needy with opportunities of making money through crypto-trading.
Now that the COVID-19 situation has started to die down, the world economy has started picking up its old pace. However, the world that saw the crypto-world as nothing but a hoax or scam, has now started seeing crypto-platform different after the pandemic.
Many countries have started passing laws to recognize the crypto-blockchain industry as a financial platform for their public and commercial sectors.
So far, Russia and China seem to be ahead of any other country in the adoption of the crypto-blockchain industry. While China has already launched its digital-Yuan, Russia has already passed laws and implemented Taxation laws on the individuals and companies dealing with crypto-assets.
Now it seems that South Korea has also picked up the pace in fully adopting the cryptocurrency platform. South Korea at present is considered to be a Hub for the cryptocurrency services. Just recently, the South Korean administration announced that they are willing to review the crypto-tax law currently being practiced in their country.
As per the South Korean government, the new crypto-taxation law is set to commence at the beginning of the next year (2021). However, Hong Namk-ki who is the deputy Prime Minister of South Korea stated that they are willing to review the crypto-taxation laws. He added that Seoul is considering changing the way it treats crypto-related assets and their earnings in the tax declarations.
Hong added that doing so will help companies and individuals incur lower taxes for possessing and dealing in crypto-assets.
As per the new law, the individuals who earn more than $2,100 per year from the crypto-assets will be required to pay a 20% tax on earnings any higher than the designated amount.