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

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Thu, 01/02/2020 - 12:46
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Yuri Molchan
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
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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.

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Magnates reports that due to the confusion with the term ‘virtual assets’ the local authorities have temporarily withdrawn the initiative on taxing revenues that come from digital asset trading.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

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About the author

Yuri is a crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.