No Crypto Tax in South Korea. For Now – Cryptocurrency Regulation

South Korea Ministry of Finance and Strategy has revealed that the nation won’t tax profit from cryptocurrency trading.

Based on reports, the South Korean government noted that under the present tax laws taxes won’t be levied on cryptocurrency trading. At the moment, the Asian country hasn’t explicitly defined terms like “virtual currency”. Therefore, profits from transactions like that can’t be taxed.

The Ministry of Finance and Strategy said: “Profits from individual virtual asset transactions are not listed income and are not taxable.”

Tax exemption won’t stay for long

The South Korean Ministry of Finance and Strategy also gave hints that the tax exemption on cryptocurrency profits won’t be around for long. In the near future, the government plans to amend the tax law so they can be taxed.

Importantly, the crypto community expects South Korea’s government to give a precise definition of crypto assets. Also, clearly stating whether profits get classified as…