The Korean government is preparing legal tools to tax capital gains from the sale of crypto assets. Specialized legislation to target digital asset deals is expected to arrive from the tax season for 2020.
Korean Authorities Hope to Tax Crypto Capital Gains
Until recently, Korea was one of the most active markets for crypto speculation. But there was no direct framework to tax capital gains from the sale of digital assets, reported The Korea Times. The Ministry of Economy and Finance is working on building the measure that will become a tax bill from next year.
“Related discussions have been taking place,” an official from the Economic Ministry said. “The revised bill will be drawn up by the first half of next year.”
The Korean National Assembly has also been working on a crypto taxation bill. An eventual bill would increase the…