South Korea Could Impose a 20% Tax on Crypto Capital Gains
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July 14, 2020

The South Korean authorities are exploring the possibility of imposing a new tax on capital gains from cryptos.

According to the local news outlet Newsway, South Korea is considering a bill to impose a tax of up to 20% on capital gains from cryptos.

In addition, if it is eventually approved, the bill would change the classification of cryptos from "currencies" to "goods."

According to legislators, virtual goods can be considered as electronic certificates with economic value that can be traded electronically. However, when transactions are intended to be sold, cryptos can be considered as assets.

However, not everyone agrees with the introduction of this tax. Thus, Sung Tae-yoon, an economist at Korea's Yonsei University, has said the decision to tax capital gains from cryptos could slow down the development of this emerging market in the country.

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