Shenzhen TechFlow News, on November 20, according to The Block citing the Korean media Seoul Shinmun, the ruling party in South Korea, the Democratic Party, plans to implement the Cryptocurrency income tax policy as scheduled starting from January 1, 2025. The new policy will impose a tax rate of 20% (including local taxes of 22%) on Cryptocurrency profits exceeding the tax-exempt threshold.

The party is planning to increase the tax exemption limit from 2.5 million Korean won (approximately $1,795) to 50 million Korean won (approximately $35,919). Considering the volatility of the cryptocurrency market, the new policy will allow taxpayers to use a certain percentage of the selling price as the basis for taxation when they cannot provide accurate purchase records. The amendment will be submitted to the National Assembly's Tax Subcommittee for a vote on November 25th.