Korean Government to Tax Cryptocurrencies

The South Korean government is looking to levy a capital gains tax on all crypto transactions, The Korea Times reports.

The Ministry of Economy and Finance confirmed it is pushing for the measure to be reflected in tax regulations next year.

“Related discussions have been taking place,” a ministry official said. “The revised bill will be drawn up by the first half of next year.”

There are, however, several issues that the government needs to do before the tax could go through; it has yet to properly define what a virtual asset is, and it hasn’t decided if it will consider crypto trading gains as the same as gains coming from stock trading or real estate transactions.

The latter also creates its own issues, with the government needing to secure trading records from the exchanges to levy the proper tax, and the varying prices between exchanges.

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