Will the South Korean Government Impose 10% Tax on Crypto?

South Korean government impose 10 percent tax on crypto - CoinShot

To date, many governments have already announced their position on the taxation of cryptocurrencies. For example, Thailand has chosen full indulgence and refused taxes to receive cryptocurrency funds. But some, like the US, took more radical measures to deter crypto investors. The United States imposed a capital gains tax for each individual microtransaction.

South Korea held a relatively neutral stance on this issue, which led to a good development of the crypto ecosystem in this country. But a recent statement by one of the officials of the Ministry of Finance of South Korea shocked the crypto investors. According to the newspaper Chosun Ilbo, the official shares a report on the imminent 10% tax on all crypto transactions:

“We have already decided to direct the profit from investments into the cryptocurrency. The only question is how much time we need to give investors and when to start implementing it.”

Fortunately, while this news can be attributed to fake, since the Ministry of Finance now denies the legitimacy of this report, adding that this news is very different from the fact.

Crypto alarmists believed the article of Chosun Ilbo newspaper only because earlier this year Korea planned to introduce its system of taxation of cryptocurrency in June 2018.

The South Korean crypto holders have long been waiting for a true tax report, as it would point to a compromise between investors and regulators. It seems that we will have to wait for the statement of the Korean government in the direction of taxation of crypto assets.