South Korea’s Finance Minister Confirms Plan to Tax Cryptocurrency

[Nikko]

South Korea’s Finance Minister Confirms Plan to Tax Cryptocurrency

Although scant on details, South Korea’s finance minister has confirmed that taxes will be imposed on cryptocurrency in the country.
The South Korean Finance Minister, Hong Nam-Ki, announced plans to impose a tax on cryptocurrency, while speaking to the parliamentary finance committee on June 17.

According to a report from local news outlet, Korea JoongAng Daily, the ministry will reveal further details of the plan next month. Hong told the committee that the government.

Readmore: https://cointelegraph.com/news/south-koreas-finance-minister-confirms-plan-to-tax-cryptocurrency

[TomPluz]

Eventually, all governments can be imposing some form of tax on cryptocurrency transactions and income derived from them. This is a big reality we have to face and accept. I have no problem as long as the government is going to be recognizing its legality...imposing regulations and legal responsibilities with the players so as to protect all parties and concerns.

[Noverteno]

Sooner or later, all governments will consider the issue of cryptocurrency taxation. Only in some states at the legislative level will decisions be made to exempt participants from the cryptocurrency market from paying taxes. Therefore, such a decision by the South Korean government is not surprising. The question is surprising why they still have not considered the issue of taxing profits from cryptocurrencies, because in this country it has been very actively used for more than one year.

[Bobcrypto]

At last many countries of the world are getting much attention from cryptocurrency economy because of the huge income coming from it. The result is now  taxation. On which ever way the Korea republic want to start the tax on crypto, let wait and see how they intend to regulate or tax profits.

[MrSpasybo]

Perhaps this is bad news for traders or crypto companies in Korea, but this also means that trading, using and storing cryptocurrencies is legal here. Projects will have a legal framework for compliance and development in Korea, Korea will become the country of blockchain projects.

[Rakin343]

Perhaps this is bad news for traders or crypto companies in Korea, but this also means that trading, using and storing cryptocurrencies is legal here. Projects will have a legal framework for compliance and development in Korea, Korea will become the country of blockchain projects.

If bank and government departments fix tax in cryptocurrency trading and investment, so it would be more legal and more flexible in cryptocurrency.