Report: South Korea Calls Emergency Meeting, May Apply Capital Gains Tax on Crypto Trading
Not long after it outlawed ICOs, the South Korean government is reportedly mulling capital gains tax on all crypto trading.
South Korea on Wednesday said it will consider taxing capital gains from trading of virtual coins, a government statement obtained by Reuters ahead of an official release showed.
The government may also ban minors from opening accounts on digital currency exchanges. As for the exchanges themselves, the government plans to propose a bill allowing only exchanges that uphold investor protection rules and disclose all bid and offer quotes to operate. As Reuters notes however, government bills on taxes need the approval of the National Assembly, so all this isn’t set in stone – yet.
Here’s something that looks fairly categorical though:
South Korea on Wednesday banned its financial institutions from dealing in virtual currencies such as Bitcoin, as the cryptocurrency soars in a bubble fuelled by retail speculators, many of them from the country.