SEOUL: The South Korean Ministry of Strategy and Finance (MOSF) is planning to announce a framework on cryptocurrency taxation.
The G20 meeting held last month in Buenos Aires focused on cryptocurrencies, among other things. Speaking at a press conference, Argentina Central Bank chair Frederico Sturzenegger said the member countries have a July 2018 deadline for recommendations on cryptocurrencies.
South Korea is reportedly planning to announce its cryptocurrency taxation plan alongside G20’s recommendations. The MOSF is considering levying capital gains tax and other income taxes on cryptocurrency users.
The ministry is also considering imposing tax on the profits generated by the sale of cryptocurrencies. Furthermore, if the income from cryptocurrency transactions is considered as temporary and irregular, other income taxes may be imposed.
