South Korea’s Ministry of Planning and Finance: Encryption mining profits are also taxable

South Korea’s Ministry of Planning and Finance: Encryption mining profits are also taxable

6/5/2021

South Korea’s Ministry of Planning and Finance stated that the benefits obtained through cryptocurrency mining are also taxable. The profit of cryptocurrency mining minus the electricity bill is the standard for taxation of income. The taxpayer must personally prove how much electricity is spent in the process of cryptocurrency mining. Before the news in February, according to the statement issued by South Korea’s Planning and Finance, the government will classify the income generated by investing in encrypted assets as other income from next year and tax it at a tax rate of 20%, with a basic deduction of 2.5 million won.


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