South Korea to start taxing profits on cryptocurrencies?

South Korea to start taxing profits on cryptocurrencies?

As already in many countries a tax on cryptocurrencies might soon be a reality in South Korea. 

The taxation will apply not only to profits made from trading but also to bitcoin mining operations and income from initial coin offerings. 

But the new law still needs to be approved by the parliament. If it does it will hopefully be a few years until it gets in effect. 

"In September, the Ministry will table the amendments before Parliament. Once approved, the law will enter into force in 2021, allowing authorities to tax profits generated from the sale of digital assets for cash. Trades between cryptocurrencies will remain tax-free, and similarly those sold at a loss."

Recommended reading about taxation on cryptocurrencies:


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// Rickard

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