South Korea confirmed a 22% tax rate on crypto asset gains starting in 2027, as trading volumes across its five major exchanges plummeted by nearly 55% in the first half of the year. The tax applies to annual gains above 2.5 million won, approximately $1,740, combining a 20% national tax with a 2% local levy. The five exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax) generated approximately $366.58 billion in combined trading volume during the first six months, marking a 54.6% decline compared to the same period in 2025. Upbit is strengthening its dominant position, with market share rising from 62.3% to 67.4%, while smaller platforms are reportedly exploring partnerships with securities firms and institutional services.
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