The government of South Korea is planning to tax capital gains on cryptocurrency transactions.
On Dec. 9 The Korea Times reported that a revised bill will be introduced by the country’s Ministry of Economy and Finance by the first half of 2020.
South Korea Progressing Bill On Cryptocurrency
In parallel, The National Assembly of South Korea is progressing a bill that would provide a legal basis for cryptocurrencies in the country. The bill would categorize virtual currencies as digital assets while intending to bring regulatory clarity and transparency to crypto markets in South Korea.
Meanwhile, The South Korean Presidential Committee on the Fourth Industrial Revolution (PCFIR), directly under the president made several recommendations regarding the country’s cryptocurrency regulation.
The PCFIR coordinates policies and reviews matters pertaining to the national master plans and strategies related to the “fourth industrial revolution,” which refers to a highly connected economy supported by advances in areas such as blockchain, 5G, artificial intelligence, big data, and the internet of things.
The government’s capital gains bill will reportedly go ahead regardless of related legislation. However, a more adequate definition of cryptocurrencies and digital assets will be required to provide clarity for the government’s interventions.
Source: The Korea Times| Cointelegraph