The South Korean government is discussing the taxation of citizens' income derived from cryptocurrency transactions.
The country's Ministry of Economics and Finance wantsso that this mechanism is adjusted in 2020. The government is already discussing this topic and plans to prepare a bill in the next six months.
South Korean media reports that the authorities want to levy a tax on gainscapital from cryptocurrencies, regardless of the adoption of legislative amendments, and are now formingPrecise definition of virtual currencies in order todecide which group of assets they are closer to for the application of the relevant tax rules.The government also intends to collect and study the trading data of crypto exchanges in order to levy taxes based on them.
The ground for the future system began to preparein advance. In November, the bill regulating the activities of crypto exchanges was amended, according to which the leaders of unregistered platforms face imprisonment.
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