December 5, 2022

South Korea Introduces Cryptocurrency Income Tax in 2020

South Korea is one of the most active markets for cryptocurrency trading, but is still in the country has not passed a law on taxation of income derived from such transactions.

This will change in 2020. The Ministry of Economy and Finance of South Korea is already preparing a bill on taxation of income from cryptocurrency trading. As the official representative of the department said, a document is currently being discussed. The bill is due in the first half of next year.

Bill expected to increase transparencyall aspects of cryptocurrency trading. Traders from South Korea will have to provide detailed information on each transaction to the Tax Service, and cryptocurrency exchanges will have to store the trading history of each user and provide it at the request of the regulator or tax authority.

Note that at the moment, trading bitcoin inpaired with the Korean won make up only 0.84% ​​of all transactions with the first cryptocurrency. However, traders from South Korea often use stablecoins and altcoins for trading.

The other day, the tax authority of Brazil introduced finesfor traders who do not declare income from transactions with Bitcoin and other cryptocurrencies, and the tax service of Kazakhstan plans to introduce taxation for mining cryptocurrencies in the country.