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South Korea Mulling Over Cryptocurrency Capital Gains Tax Of Over Twenty Percent

Several private sector members of South Korea lately discussed a digital asset-related taxation bill intended to establish capital gains tax for virtual assets. The discussions took place on 13th July. During these discussions, members hinted that the taxes on cryptocurrency gains might go over twenty percent.

Suggested alterations to present laws also plan to categorize virtual currencies as “goods,” instead of currencies.

In a recent case, a South Korean court referenced Bitcoin in their verdict. The court stated:

“Until now, virtual assets have been recognized only as a function of currency and have not been subject to income tax, but recently, virtual assets (like Bitcoin) are increasingly being traded as goods with property value. Considering various conditions, such as the recognition of intangible assets with property value, the necessity of taxation, and the recognition of the property value of virtual assets are being raised at the same time.”

Sung Tae-yoon, a Korean economist, cautioned that the verdict to tax digital asset capital gains in South Korea may decelerate the budding market of the technology.

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