South Korean Crypto Miners Can Enjoy Major Tax Break-in 2022 By CoinQuora
- Crypto miners in South Korea involved in crypto mining may enjoy a major tax break
- The country’s digital currency tax regime will start in 2022
Crypto miners in South Korea may enjoy a major tax break. This can be possible when the country’s digital currency tax regime starts in 2022.
According to a report, South Korea’s Ministry of Economy and Finance stated new details of the country’s impending crypto tax law. It includes a plan for crypto miners to report operating costs as tax deductibles. These fees cover electricity bills. However, miners need to show how much electricity they use in their works.
The Authorities said,
“The tax of gains of over 2.5M won on ($2,230) crypto transactions would be 20% starting 2022. But any costs linked with mining actions can be deductible”
Also, the tax that crypto investors would pay next …
This article was first published on coinquora.com
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.