South Korea Crypto Tax Plan Could Cost Upbit Billions of Won Each Year

TLDR South Korea is considering an education tax on crypto exchanges if they are reclassified as financial businesses under the Digital Asset Basic Act. Upbit operator Dunamu could owe about 10.2 billion won a year, while Bithumb could owe about 3.2 billion won. The tax is based on revenue, not profit, at 0.5% up to 1 trillion won and 1% above that. No final decision has been made, and the Digital Asset Basic Act still has no submission date. A separate 22% tax on crypto gains, set for 2027, may be delayed to 2029.