South Korea may be pushing to tax cryptocurrency gains

South Korea is today one of the foremost cryptocurrency markets in the world, a market perhaps superseded only by the likes of the United States and Japan. Home to over 200 crypto-exchanges, any development in the country’s crypto-space is speculated to have a significant influence on the prices of Bitcoin and cryptocurrencies. The South Korean government’s intent to tax capital gains from crypto-transactions, including Bitcoin, may be one such development.

According to a local media outlet, South Korea’s Ministry of Economy and Finance is pushing for an amendment to the country’s income tax laws to tax capital gains accruing to virtual currency transactions. This is a crucial development as the news comes hot on the heels of the National Assembly’s state policy committee passing a bill legitimizing cryptocurrencies by classifying them as virtual assets.

However, it must be noted that the bill in question has a long way to go as it is yet to be approved by…