South Korea will not impose tax on income from cryptocurrencies

South Korea will not impose tax on income from cryptocurrencies

In the South Korean crypto community, for several years, starting with the period of popularization of cryptocurrencies as a payment instrument, discussions have invariably been going on regarding the possibility of imposing taxes on the part of the government..

One of the most widespread rumors was information about the introduction of a tax on income from working with a new financial instrument in the field of trading in the amount of 10%. In response to growing unrest in the crypto community, the official side was forced to explain: according to the regulator, no such changes are planned. The clarification said that neutrality will remain for at least one year. up to two years.

In order to bring clarity to the situation, the Minister of Finance of the country was also forced to speak: «The information that circulates in the circles of the crypto community is far from reality».

Earlier, there was also information that changes in the form of taxation may affect crypto traders as early as June 25, 2018. Approaching this date has become the main source of concern and the need to clarify the situation..

One more the cause of concern for crypto users is the government’s reaction to the recent theft of a large sum from the South Korean exchange. Therefore, it was decided to tighten the regulation.

text: Evgeniya Likhodey, photo: Movieast

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South Korea will not impose tax on income from cryptocurrencies

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