South Korea weighs education tax on crypto exchanges

South Korea has begun considering a new education tax on cryptocurrency exchanges that could leave major operators such as Upbit and Bithumb paying billions of won annually if they are reclassified as financial businesses under the proposed Digital Asset Basic Act. South Korea is considering imposing an education tax on cryptocurrency exchanges if they are classified as financial businesses under the proposed Digital Asset Basic Act. Government officials recently discussed the proposal with domestic crypto exchange executives, although no final decision has been made on the new tax obligations.

Also reported by Cryptopress.

Source: crypto.news