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14.07.2020

South Korea imposes 20% profit tax on bitcoin tradersn

The capital gains tax on operations with cryptocurrencies in South Korea can be up to 20%. This was the opinion of representatives of the private sector during the discussion about legislative initiatives of the country’s authorities, writes Cointelegraph with reference to local media.
Proposed changes to existing legislation treat crypto assets as goods, not currencies. According to lawmakers, virtual assets can be considered as tradable electronic certificates of economic value. At the same time, during operations to sell them, they can be perceived as an asset. “Until now, virtual assets were recognized only as a function of currency and were not taxed on income. Recently, bitcoin and other cryptocurrencies are increasingly traded as commodities. This raises a whole range of issues, such as the need for taxation, recognition of intangible assets with a valuation of property, as well as the recognition of this valuation in virtual assets, ”the publication says.
Residents of other countries will be exempt from this tax. According to the South Korean Financial Services Commission (FSC), the average daily trading volume of cryptocurrencies in the country is 1.33 trillion won ($ 1.1 billion). From January to May 2020, this value reached 7.6 trillion won ($ 6.33 billion). Recall that work on the bill introducing a capital gains tax for transactions with bitcoin and other cryptocurrencies in South Korea was planned to be completed in the first half of the year.

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