South Korean lawmakers discussed new capital gains tax for cryptocurrencies. According to this discussion, taxes may increase to 20%. Cryptocurrencies were announced to be a kind of goods. Following this local authorities will get a right to tax profits received from selling crypto for cash. Deals made completely in cryptocurrencies will remain tax-free. South Korea is going to start taxing crypto starting from 2021.
This is not the first attempt of this country to tax crypto. The last attempt took place in January but failed because of poor regulations. The Chairman of the Korea Blockchain Association, Kim Yong-min, assumes that the process of setting up an infrastructure necessary for applying new rules will take from three to four years.