South Korea is one of the biggest markets for digital asset trading, which has recently avoided a crypto ban, similar to the one in China.
The government here was going to lay taxation on virtual asset trading. However, now plans have changed and this is not going to happen as the term ‘virtual assets’ cannot get a proper definition from local experts yet.
Tax-free crypto trading for the time being
Finance Magnates reports that due to the confusion with the term ‘virtual assets’ the local authorities have temporarily withdrawn the initiative on taxing revenues that come from digital asset trading.
The intention to impose taxes on the pockets of crypto trading experts was announced in early December last year. But now the government intends to take a better look at the system of crypto taxes in major counties and impose it in South Korea, later on, after adopting for the local conditions. But not just now.
Tomiwabold Olajide
Godfrey Benjamin
