Crypto Asset Trading in South Korea to Be Tax-Free for Now

📰 News
Put your
crypto to
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • 📰 News

    The South Korea’s Ministry of Finance has decided to postpone its plan on taxing revenues from crypto trading for lack of an exact definition of what ‘virtual assets’ are

Crypto Asset Trading in South Korea to Be Tax-Free for Now
Cover image via

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.

Must Read
Crypto Baron John McAfee Claims He Put Up Show Together with CIA and Zombie Coin - READ MORE

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Magnates reports that due to the confusion with the term ‘virtual assets’ the local authorities have temporarily withdrawn the initiative on taxing revenues that come from digital asset trading.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.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles