South Korea to Disclose Details on Crypto Taxation Next Month
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June 17, 2020
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The South Korean government will unveil details of its crypto-related taxation guidelines next month, Finance Magnates has learned, citing South Korean Finance Minister Hong Nam-ki.

The minister says the government has continued to realign its tax system to reflect changes in market conditions, but it is "especially working to refine its list of taxable items and types of tax this year."

"Personally, I believe a digital tax needs to be imposed as a new type of tax, and the government too is considering moving in that direction," Nam-ki added.

In January, the South Korean authorities were exploring the possibility of introducing a 20% tax on crypto-related gains.

Back then, the South Korean Ministry of Economy and Finance tasked the tax department with developing a new tax that will be applied to crypto-related gains.

The country's government reportedly plans to treat crypto trading profits as "other income" rather than "capital gains."

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Meanwhile, the central bank of the Republic of Korea created a legal advisory team to study the technical and juridical features of launching a central bank digital currency (CBDC).

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