As South Korea nears a commencement of the new tax regime on crypto profits, experts suggest that the crypto miner may benefit from a significant tax exemption. According to the local media reports, the South Korean ministry of finance announced further details of the new tax laws, including a provision for digital tokens’ miners to report the operation costs as tax deductibles.
Per Wednesday’s announcement, these costs include electricity bills, albeit if they prove how much energy they use for mining operations. Even though South Korea is not currently among the major mining countries, the recent surge in crypto markets has triggered a significant interest in the industry.
A month after, the local media reported that March saw a significant uptick in the crypto mining hardware imports. Interestingly, mining using gaming computers is getting quite popular in the Korean nation over the last few months.
Amid the growing uncertainty around the new crypto tax laws, the government further explained its plans, stating that the taxation would be imposed on gains of major profits. South Korean finance minister reportedly said that the government pushed ahead to impose new laws despite the opposition as it was inevitable.
In April, the country nominee for Prime Minister Kim Boo-kyum responded to the criticism from crypto supporters and vowed to review the proposed tax laws.