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10/12/19 03:00 UTC-5

South Korea plans to tax cryptocurrency

The South Korean government wants to start taxing residents' income related to cryptocurrency.

 

Cryptocurrency tax

The country's Ministry of Economics and Finance is pushing for the measure to be implemented next year, The Korea Times reported in a local news outlet.  

“Relevant discussions are already underway. The bill will be prepared by the first half of next year,” a spokesman for the anonymous ministry said.

The government will need to have an accurate definition of cryptocurrency and decide how it will tax profits – in accordance with stocks or capital gains in real estate.

Interesting in the section: CryptoTrader.Tax has released a cryptocurrency tax reporting tool

  • According to reports, the government will levy a capital gains tax on cryptocurrencies regardless of the bill being passed.

See also: "BlockFi platform launched trading for Bitcoin and Ethereum"

#Korea #tax #cryptocurrency

Editor: Yuliya Soroka
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