According to the South Korean Ministry of Finance’s new announcement, the country’s current tax laws do not include the taxation of profits made through trading crypto.
The Ministry of Finance and Strategy in South Korea recently resolved the confusion regarding the taxation of profits made through crypto trading. According to the Ministry’s announcement, the current tax laws do not support the taxation of profits earned from cryptocurrencies.
Interestingly enough, the Ministry is currently controlled by the country’s Liberal Korean Party. The Party has supported ‘relaxed’ regulations regarding digital currencies and crypto trading for a long time. They were also well-known proponents of blockchain technology and its development.
Earlier today, the Ministry released a short announcement, simply stating that Korean crypto traders are in no obligation to pay taxes based on their income derived from crypto trading. The tax law, as it is right now, does not recognize trading gains as taxable events, which was likely a statement that…