✅ South Korea: Gov’t Seeks to Tax Crypto Transactions as Capital Gains ✅
The South Korean government plans to tax capital gains on cryptocurrency transactions. A revised bill to introduce the measure will be drawn up by the country’s Ministry of Economy and Finance by the first half of 2020.
In parallel, the Korean National Assembly is in the process of advancing a related bill aimed at increasing transparency in cryptocurrency trading. If passed, the new regulations would come into effect one year after the Assembly’s plenary session.
Among the matters to be clarified is the question of whether crypto-related gains are to be deemed similar to gains in stock trading or real estate transactions.
To implement its taxation plans, the government could, therefore, need to obtain access to trading records on cryptocurrency exchanges — a practice already underway in countries such as the United States.
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