South Korea Approaches Final Steps in Cryptocurrency Income Taxing

South Korea Approaches Final Steps in Cryptocurrency Income Taxing

The parliament of South Korea has introduced a private member’s bill that will begin taxing profits from cryptocurrencies activities, including trading of digital coins.

This new taxation bill will also be applicable to income from ICOs and crypto mining operations.

Yang Kyung-sook, a member of the Democratic Party, recently suggested that the digital assets be categorised as commodities instead of  currencies.

“Until now, virtual assets have been recognized only as a function of currency and have not been subject to income tax, but recently, virtual assets are increasingly being traded as goods with property value,”

The local government is still to announce the final details of the propositioned taxation on cryptocurrency activities profits. The matter has been on the discussion board for years, yet it still is considered to remain in a grey area.

As of now, the South Korean government is said to be contemplating on imposing a 20% tax on digital coin income. Furthermore, it was reported that the finance ministry of South Korea was considering to re-define returns from crypto as “other income”. This would place cryptocurrency returns in the same rank as tax earned from lottery.

This would be a major development, because South Korea is one of the world’s leading cryptocurrency investment and trading hotspot.

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