Crypto gains in South Korea may attract 20% tax

The government of South Korea is seriously considering imposing twenty percent (20%) tax on crypto gains by classifying the revenue generated from crypto trading under the category “lottery or prize-winning,” reports a local news outlet on Monday. When the South Korean government made known its intentions of boosting its economy by incentivizing the cryptocurrency industry earlier this month and declaring that crypto gains would not be considered as taxable income, many traders suspected that this joyous moment might be short-lived. After all, the government was yet to offer clarity on the appropriate classification of the asset category. Crypto gains in