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The government is reviewing a plan to impose an education tax on cryptocurrency exchanges on the premise that they would be brought into the financial industry, the Seoul Economic Daily reported. The move means taxes could be levied once the Digital Asset Basic Act is enacted and coin exchanges are fully brought into the regulatory fold.
The report said the market sees a need for broader tax-system improvements rather than a mechanical application to the crypto industry, as the education tax currently borne by financial and insurance companies remains controversial. Banks, insurers and securities firms currently pay the education tax based on operating revenue. Starting this year, a 0.5% rate applies to the tax base of up to 1 trillion won, while 1% applies to amounts above 1 trillion won.