South Korea Plans to Place Tax On Cryptocurrency-Related Profits
The government of South Korea is reportedly planning on taxing cryptocurrency-related profits, as the country’s Ministry of Economy and Finance is pushing for the measure to be implemented next year.
Per local news outlets, discussions on a bill to tax crypto gains have been taking place. Regardless of the bill’s passage, however, the government is reportedly planning to enforce capital gains tax on cryptocurrencies. To achieve this, the government will need to have a precise definition of cryptocurrencies
To levy taxes, the government will also need to get trading records from cryptocurrency exchanges, if it’s looking to tax gains from cryptocurrencies as it taxes gains from stocks and real estate transactions.
A ministry official who wants to remain anonymous told the news outlet.”Related discussions have been taking place. The revised bill will be drawn up by the first half of next year,”