South Korean crypto-tax regulation will be released this Wednesday

On July, 22nd Seoul will publish a document containing the new suggestions to the draft law on amendments to tax regulation. The draft law would consider taxes on crypto profit in the country.

Tomorrow, South Korea will publish crypto tax regulation

As reported, South Korean government is going to release detailed information on introducing taxes for crypto holders.

It was originally expected that crypto profit would be classified as “other types of income”. Nevertheless, it seems that the Ministry for strategy and finances — an entity that has a deciding vote on such issues — prefers the model of taxing capital gains received from trading profit.

A separate draft law for private members presented by the deputy of the ruling Democratic Party also proposes taxing capital gains got from crypto-presents and inherited tokens in accordance with similar tax regulation implemented in such countries as Britain, Japan and the USA.