South Korea to Release Cryptocurrency Tax Framework by June
It was reported last March 25 that South Korea’s Ministry of Strategy and Finance will be releasing a taxation framework for cryptocurrencies as early as June.
A spokesperson from the ministry said that while they do not a have a specific time frame, they may announce the virtual money tax in the first half of this year. However, any taxation would only start in 2019.
The country’s cryptocurrency task force is reportedly proposing a transfer income tax that levies taxes on profits from crypto sales and said that that other income taxes may be imposed for temporary or irregular income from virtual currency transactions.
Source: Coin Telegraph