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Korean Crypto Taxes Coming in 2020

Korean Crypto Taxes Coming in 2020

The government of South Korea is planning to tax the cryptocurrency gains under the capital gains category. As per a report, the authorities are preparing a legal framework to tax capital gains from transactions of virtual currencies, including bitcoin. Specialized legislation to target digital asset deals is expected to arrive from the tax season for 2020. Korean crypto taxes are going to be a reality by right.

According to the country’s news, the revised bill will be drawn up and tabled by the first half of 2020, and the related bill has also been tabled at the National Assembly. However, a bill on enhancing the transparency of the trading of virtual assets is still pending at the sub-committee level. If the bill passes the Assembly’s plenary session, it will go into effect one year after the regulation is ratified.

Such legislation will certainly improve the transparency associated with otherwise secretive digital assets. However, the general taxation mechanism demands that all the historical trade data about the crypto matters are revealed as well. So, the exchanges operating in Korea will have to maintain separate records containing extensive user information as well as the trading history of the individual. Simply saying, anonymous crypto trading is already a history.

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