South Korea's “Seoul Economic Daily” quoted unnamed financiers as reporting that if cryptocurrency exchanges are classified as financial institutions under the proposed digital asset law, the South Korean government is considering imposing an education tax on them. The government has recently conveyed this opinion to the heads of various crypto exchanges; a senior government official said that if exchanges are included in the financial insurance industry, there will be an education tax collection problem. Currently, cryptocurrency trading and brokerage business is classified as an information and communication business, and there is no education tax. Banks, insurance, and brokerage firms pay education tax based on operating income. The first 1 trillion won partial tax rate is 0.5%, which exceeds the 1 trillion won partial tax rate of 1%.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.