South Korea’s Finance Minister Hong Nam-Ki told a parliamentary finance committee the government would introduce a taxation regime for crypto.
South Korean ministry has been planning for a long time to introduce tax regulations regarding cryptocurrency. More specifics about the tax plan would be released in the coming weeks.
The Finance Minister of South Korea said that this would lead to greater tax receipts from foreign companies operating in the country’s digital currency markets.
As previously reported, the South Korean government was considering a 20% tax on digital currency gains, leading to speculation that these would be treated as “other income” under Korean tax law. As a result, crypto transactions would not also incur capital gains tax.
South Korea has been at the forefront when it comes to regulating cryptocurrencies. The country recently passed a historic bill that made crypto trading legal in the country.
