South Korea’s 22% crypto tax may hit wealthy investors in their 50s and 60s

South Korea’s planned taxation of virtual assets from next year is expected to have a significant impact on wealthy middle-aged and older investors, EBN reported. The outlet said the tax is likely to hit affluent investors in their 50s and older especially hard, as South Korean financial authorities’ data showed about 59% of high-value virtual asset holders with more than 1 billion won ($722,000) in holdings were age 50 or older, including 3,994 people in their 50s and 2,426 people age 60 and above. EBN said the figures suggest virtual assets have spread beyond being a speculative tool for younger people and have become a key asset-management tool for people in their 50s and 60s. As the government’s tax revision proposal did not include a delay to virtual asset taxation, the likelihood has increased that a 22% tax, including local taxes, will be imposed from next year on annual virtual asset income exceeding 2.5 million won ($1,806).