South Korea Wants to Introduce Cryptocurrency Tax
The South Korean authorities are going to introduce a capital gains tax for transactions with cryptocurrencies, local media inform. The Ministry of Economics and Finance believes that this reform should come into force next year. According to unconfirmed information, the corresponding bill is already under development and if the parliament approves it, the changes will enter into force at the end of 2020. Regardless of whether this law is adopted or not, the government still intends to tax on profits from operations with digital coins. To do this, officials must develop a clear definition of cryptocurrencies. Besides, the authorities will have to receive and analyze data on trade operations, and they need to prepare a legal justification to do this. South Korea is one of the most developed cryptocurrency markets in Asia.