In South Korea crypto industry, there is likelihood of taxation by next year, according to the Finance Minister of South Korea, Hong Nam-Ki. As reported by Reuters.
Hong Nam-Ki opined that there is need to impose tax taxes on gains from those that trade virtual assets and that it is inevitable by next year.
Hong previously said that capital gains taxes on cryptocurrency sales may begin in January of 2022. Per the Reuters report, any annual gains of more than 2.5 million won ($2,253) from crypto trades will be subject to a capital gains tax of 20%.
In addition, Hong has described cryptocurrencies as “intangible assets,” suggesting it would be a misunderstanding to label them as currencies. What’s more, Hong warned that trading digital tokens is prone to new forms of illegal fundraising and fraud, and investors should be vigilant