South Korea will hit cryptocurrency transactions with a 20% tax starting next year

A screen showing prices of bitcoin and other digital currencies at Bithumb in Seoul, South Korea.
AP Photo/Ahn Young-joon
South Korea will start taxing at 20% capital gains on crypto transactions next year, according to Yonhap News Agency.The gains must be reported when people file general income taxes in May 2023.The country will continue a program that monitors and cracks down on illegal activities in the crypto market until September.
See more stories on Insider's business page.
South Korea