South Korea Seeks to Tax Transactions Involving CryptoCurrencies In 2020

Capital gains from transactions involving virtual currencies such as bitcoin may soon be taxed in South Korea, according to a report by the Korea Times.

The publication refers to government sources, and confirmation received from the Ministry of Economy and Finance. According to the report, a ministry official stated that related discussions have been occurring, and that there is a revised bill that will be “drawn up” by the first half of next year.

In addition, at the subcommittee level, there is a bill that will enhance transparency of virtual asset trading. If the bill were to pass, it will go into effect a year after the regulation is established.

The wrinkle, according to the report, is that there is still a less-than-clear definition of virtual assets. That is, the government has still not clarified if gains from virtual asset trading are considered gains from stock trading or real estate transactions.

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Silvia A
Silvia A
Though relatively new to the cryptocurrency and blockchain space, Silvia has a strong interest in the field and a love of writing as well. She brings an interesting take to current happenings in the industry and enjoys introducing the latest developments to cryptocurrency and blockchain enthusiasts alike. She’s excited to promote a vibrant and fresh discussion as the industry continues to develop and move forward.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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