South Korean Government To Tax Cryptocurrency Gains

Information reaching us has it that the Government of South Korea is planning to tax cryptocurrency gains. This will affect all digital currency.

If this is policy is implemented, This means that users will be taxed for transactions. The rates and conditions will be made public before the implementation.

This information was made public through a publication from the Korea Times. Below is an excerpt from the post ” The government is seeking to impose taxes on capital gains from transaction of virtual currencies, including bitcoin, according government sources, Sunday. 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.”

A move to pass a related bill has also been taking place at the National Assembly.”

Read their full post here.

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