South Korea Won’t Tax Cryptocurrency Profits – For Now
Good news for anyone in S Korea …
South Korea Won’t Tax Cryptocurrency Profits, For Now
” … crypto trading will not be subjected to tax, according to a recent announcement from the country’s Ministry of Finance and Strategy.
The Ministry clarified that the current tax law does not consider crypto trading gains as taxable income; thus, Korean crypto traders are not required to pay taxes on the profits they earn from crypto trading for the time being.
However, crypto traders in the country may not be exempted from taxation for a long time. An official of the Ministry said that the Ministry is aware of the loophole in the current tax law, and they are currently reviewing the regulations in major foreign countries so that they can amend theirs in an effective way.
‘ The income tax law is only taxable on income listed as taxable. We are preparing a taxation plan for virtual assets by comprehensively reviewing the taxation of major countries, consistency with accounting standards, and trends in international discussions to prevent money laundering,” the Ministry said, confirming its position on the crypto taxes. ‘ ”