South Korea is Exploring New Crypto Tax Laws

[Nostoman]

The government of South Korean is preparing to legislate crypto taxes by proposing a new amendment to the existing law.
South Korea’s Ministry of Economy and Finance is preparing an amendment to apply to the nation’s Income Tax Law. This could include rules for profitable sales of cryptocurrencies as well as profits from national crypto mining projects.

According to local newspaper E Daily on May 27, the ministry also mentioned including the profits generated by initial coin offerings, or ICOs. This is tantamount to a change in the country’s rhetoric towards ICOs, which are still banned across the country.

The report specifies that crypto-to-crypto transactions, such as Bitcoin (BTC), will be “likely” exempt from the proposed amendment and only seeks to tax-for-profit transactions and not loss-making ones.
Read more information: https://cointelegraph.com/news/south-korea-is-exploring-new-crypto-tax-laws

[alltalk]

Actually, I am still not really sure about how the government can make a regulation or laws of crypto tax. It is not easy to know how much someone own crypto assets. But yes, it is not impossible to do it but needs the honesty of the owners. In my country, it is no crypto tax laws as crypto is still not really familiar to my society. However, if it is getting familiar and the government knows many people are rich with crypto assets, then they should think to set specific laws on it.