Sources: South Korea considers imposing education tax on crypto CEXs

October 27 - Sources reveal that if CEXs are classified as financial institutions under the proposed digital asset bill, the South Korean government will consider imposing an education tax on them. The government has recently communicated this view to the heads of various crypto CEXs.

A senior government official stated that if exchanges are included in the financial and insurance sector, the issue of education tax collection will arise. Currently, South Korea's crypto trading and brokerage businesses are categorized as information and communication businesses, which are exempt from education tax. Banks, insurance companies, and securities firms pay education tax based on operating revenue, with a tax rate of 0.5% on the first KRW 1 trillion and 1% on the portion exceeding KRW 1 trillion.